Article G21 The usable balance of capital receipts
This article applies to the balance of any capital receipts received by the Authority after deducting—
the reserved part of each such receipt; and
any sum which, by virtue of paragraph (7) of article G20 above falls to be deducted in determining the amount of any receipt for the purposes of the preceding provisions of that paragraph;
but nothing in this article applies to a capital receipt which falls within article G20(6) above.
The balance referred to in paragraph (1) above (in this Part referred to as “the usable part” of the Authority’s capital receipts) shall be applied by the Authority, accordingly as it determines, in one of the following ways, or partly in one way and partly in the other,—
to meet expenditure incurred for capital purposes; or
as provision to meet credit liabilities;
and, subject to paragraph (3) below, may be so applied in the financial year in which the receipts are received or in any later financial year.
A determination by the Authority under paragraph (2) above as to the manner in which the usable part of its capital receipts are to be applied may not be made later than 30th September in the financial year following that in which, in accordance with the determination, the receipts are to be applied.
For the purposes of this Part, to the extent that the usable part of the Authority’s capital receipts are applied as mentioned in paragraph (2)(a) above, it shall be taken to be so applied at the time when the expenditure in question is defrayed.
For the purposes of this Part, to the extent that the usable part of the Authority’s capital receipts are applied as mentioned in paragraph (2)(b) above, it shall be taken to be so applied—
if it is used as an amount of credit cover as mentioned in article G12(3)(b) above, when the credit arrangement in question is entered into or varied; and
in any other case, on the last day of the financial year in which (pursuant to the Authority’s determination) it is so applied.