34Interpretation of sections 29 to 36
(1)In sections 29 and 35, “relevant land acquisition or disposal” means the acquisition or disposal of land if the consideration for the acquisition or disposal exceeds £150,000.
(2)In subsection (1) the reference to the acquisition or disposal of land includes—
(a)the acquisition or grant or disposal of any interest in land,
(b)entering into a contract to acquire or dispose of land or to acquire or grant or dispose of any interest in land, and
(c)acquiring or granting an option to acquire any land or any interest in land.
(3)In sections 29 and 35, “relevant contract or agreement” means—
(a)any contract, other than a capital contract, under which the consideration exceeds £150,000 where—
(i)the period of the contract extends beyond the transfer date, or
(ii)under the terms of the contract, that period may be extended beyond the transfer date,
(b)any capital contract under which the consideration exceeds £500,000, or
(c)any framework agreement within the meaning of regulation 2(1) of the Public Contracts Regulations 2006 (S.I. 2006/5) where—
(i)the period of the framework agreement extends beyond the transfer date, or
(ii)under the terms of the framework agreement, that period may be extended beyond the transfer date.
(4)In subsection (3) “capital contract” means a contract in respect of which the consideration payable by the merging authority is expenditure which is capital expenditure for the purposes of Chapter 1 of Part 1 of the Local Government Act 2003 (capital finance).
(5)In sections 29 and 35, “relevant capital acquisition” means an acquisition of share capital or loan capital in any body corporate in respect of which the consideration exceeds £500,000, other than an acquisition of loan capital where—
(a)the acquisition of the loan capital is an investment for the purposes of the prudent management of the merging authority’s financial affairs, and
(b)the investment is admitted to an official list maintained by a competent authority in an EEA State.
(6)In subsection (5) (and this subsection)—
“competent authority” (“awdurdod cymwys”) means an authority which is responsible for maintaining the official list in an EEA State;
“official list” (“rhestr swyddogol”)—
(a)in relation to the United Kingdom, has the meaning given by section 103(1) of the Financial Services and Markets Act 2000, and
(b)in relation to any other EEA State means the equivalent list maintained by the competent authority of that State.
(7)In sections 29 and 35, “relevant grant or other financial assistance” means a grant or other financial assistance (other than a loan) of more than £150,000.
(8)In sections 29 and 35, “relevant loan” means a loan of more than £150,000 where—
(a)the period of the loan extends beyond the transfer date, or
(b)under the terms of the loan, that period may be extended beyond the transfer date.
(9)In sections 29 to 32 and 36, “specified” means specified in a direction given under section 29.