116.—(1) Chapter 2 of Part 2 of the Local Government (Miscellaneous Provisions) Act (Northern Ireland) 2010 (control of disposals and contracts of existing councils) is amended as follows.
(2) At the end of the heading to Chapter 2 there shall be added the words “AND THEIR FINANCES”.
(3) In section 10 (control of disposals and contracts of existing councils)—
(a)at the end of the heading there shall be added the words “and their finances”;
(b)in subsection (1), after the words “consent of” there shall be added the words “its successor council or”;
(c)at the end of subsection (1) there shall be added the following paragraphs—
“(d)borrow any sum exceeding a specified sum (or any sums exceeding in total any specified sum);
(e)reduce any financial reserve of a specified description below a specified limit.”;
(d)in subsection (3), after the words “consent of” there shall be inserted the words “a successor council or”.
(4) In section 11 (directions: supplementary), in subsection (4)(b) after the words “council concerned and ” there shall be inserted the words “its successor council or”.
(5) In section 13 (referral to Department where consent refused or granted subject to conditions)—
(a)in subsection (1)—
(i)in paragraph (a), after the words “consent of” there shall be inserted the words “a successor council or”;
(ii)in paragraph (b), after the words “refused by” there shall be inserted the words “the successor council or”;
(b)in subsection (2), after the words “decision of” there shall be inserted the words “the successor council or”;
(c)in subsection (3), omit the words “of a statutory transition committee”;
(d)in subsection (4)(a), after the words “made by the” there shall be inserted the words “successor council or”.