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Paragraph 3

Original text. Later amendments are not shown.

Section 53 shall have effect as if:—

(a)

in subsection (1)—

(i)

at the beginning there were inserted the words “Subject to subsection (1A)”; and

(ii)

for the words “shall issue to each local authority” there were substituted the words “shall issue to the Residuary Body”; and

(b)

after subsection (1) the following subsection were inserted—

“(1A)

A basic credit approval for the financial year beginning on 1st April 1994 shall be issued as soon as reasonably practicable after the establishment of the Residuary Body.”