Regulation 26 Non-housing component of participant authority

(1)

In this regulation—

“excluded non-housing arrangement” means an excluded arrangement which is a non-housing arrangement;
“non-housing arrangement” means a credit arrangement which is not a housing arrangement within the meaning of regulation 25 above;
“relevant day” means the last day of the financial year immediately preceding the financial year in which, in relation to any credit arrangement, the vesting day falls; and
“relevant non-housing arrangement” means a relevant arrangement which is a non-housing arrangement.

(2)

Any reference in this regulation to the non-housing component of a participant authority shall be construed as a reference to that authority’s non-housing component on the relevant day.

(3)

Where the rights and liabilities under a relevant non-housing arrangement are vested in a participant authority, or a participant authority and any other local authority or the Residuary Body jointly and severally, the participant authority’s non-housing component shall be adjusted by—

(a)

adding to it an amount equal to the determined amount for the arrangement in question; and

(b)

deducing from it an amount equal to the aggregate of T and U as determined for the arrangement in question.

(4)

Where the rights and liabilities under an excluded non-housing arrangement are vested in a participant authority, or a participant authority and any other local authority or the Residuary Body jointly and severally, the participant authority’s non-housing component shall be adjusted by deducting from it an amount equal to the aggregate of R, T and U as determined for the arrangement in question.