Section 17 “Credit arrangements”I1I2C1
For the purposes of this Part, a council shall be taken to have entered into a credit arrangement where—
it enters into a transaction which gives rise to a liability on its part, and
the liability is a qualifying liability.
A transaction entered into by a council is to be taken for the purposes of subsection (1) as giving rise to a liability on the part of the council if—
it falls in accordance with proper practices to be treated for the purposes of the council's accounts as giving rise to such a liability, or
it falls in accordance with regulations to be treated as falling within paragraph (a).
The reference in subsection (1)(b) to a qualifying liability is to any liability other than—
a liability to repay money,
a liability in respect of which the date for performance is less than 12 months after the date on which the transaction giving rise to the liability is entered into, and
a prescribed liability.
Annotations
Modifications
- C1
Ss. 17-22 applied (with mods) (2.7.2013) by The Local Government (Statutory Transition Committees) Regulations (Northern Ireland) 2013 (S.R. 2013/179), regs. 1(1), 23, Sch. 3
Commencement
- I1
S. 17 wholly in operation at 1.4.2012; s. 17 not in operation at Royal Assent see s. 47(1); s. 17 in operation for certain purposes at 10.9.2011 otherwise 1.4.2012 by S.R. 2011/306, art. 2(1)(3), Sch.
- I2
S. 17 in operation at 1.4.2012 in so far as not already in operation by S.R. 2011/306, art. 2(3)
Notes on Part 1
Modifications
- C1
Pt. 1 applied with modifications (2.4.2012) by The Local Government (Constituting Joint Committees as Bodies Corporate) Order (Northern Ireland) 2012 (S.R. 2012/10), arts. 1, 4
- C2
Pt. 1 applied with modifications (1.4.2015) by The Local Government (Constituting a Joint Committee a Body Corporate) Order (Northern Ireland) 2015 (S.R. 2015/183), arts. 1, 4