Regulation 7 Restrictions on exercise of economic development powers
Subject to paragraphs (2) and (3), a relevant authority that is not a scheduled authority shall not, in the exercise of economic development powers, in any financial year provide financial assistance of any of the descriptions specified in section 33(3)(a) to (e) of the Act or by accepting or purchasing any bill of exchange within the meaning of the Bills of Exchange Act 1882f1—
to any person whose undertaking or business is conducted with a view to profit; or
to any voluntary organisation for the purposes of enabling that organisation to make a grant or loan or give a guarantee to a person whose business or undertaking is conducted with a view to profit,
where the total value or amount of that assistance in that year exceeds £10,000.
Nothing in paragraph (1) shall preclude an authority from providing such assistance as is mentioned in regulation 6(3).
Nothing in paragraph (1) shall preclude a county council from doing anything if any scheduled authority in the county could do it.
Annotations
Footnotes
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