Local Government (Scotland) Act 1947

168 Land to be sold for best price and application of capital moneys.

(1) Land belonging to a local authority let, sold or feued under the provisions of this Part of this Act shall, except with the sanction of the Minister concerned, be let, sold or feued for the best rent or at the best price or for the best feuduty that can be reasonably obtained, and any capital money received in respect of any such transaction or any excambion shall be applied towards the discharge of capital debt of the authority or otherwise for any purpose for which capital money may be properly applied:

Provided that where capital money is applied under this section for a purpose other than that for which the land which was the subject of the transaction was held, such adjustment as the Minister or Ministers concerned may approve shall be made in the accounts of the local authority.

(2) A purchaser of or other person acquiring right to land from a local authority shall not be concerned to see that the provisions of this section are complied with in the case of his purchase or acquisition.