Regulation 6 Interpretation and application of Part 3I1

In this Part —

• “associated property”, in relation to any land of a predecessor council, means —

  1. (a)

     property in or on the land which is used or intended to be used by the council exclusively for the discharge of functions on the land;

  2. (b)

     property which is so used or intended to be so used and which is kept elsewhere when not in use;

  3. (c)

     investments or cash which relate exclusively to the land; and

  4. (d)

     records which relate exclusively to the land;

• “contract” includes any enforceable undertaking;

• F1“financial reserves”, in relation to a predecessor council and any successor council, means—

  1. (a)

     the total of such amounts of a description contained in section 69(2A)(b) of the Local Government Finance Act 1992 (construction of references to expenditure incurred by a billing authority, major precepting authority or local precepting authority); and

  2. (b)

     the total of the amount of the predecessor council’s capital receipts, as defined for the purposes of Chapter 1 of the Local Government Act 2003;

• “investment” does not include any land held as an investment.

Regulations 9 to 13 do not apply where regulation 7 applies.