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Housing (Financial Provisions) (Scotland) Act 1968

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This is the original version (as it was originally enacted).

62The housing equalisation account

(1)Every local authority shall, if they think it desirable for the purpose of equalising the income of the housing revenue account derived from Exchequer contributions payable to them under any of the enactments mentioned in Schedule 8 to this Act over any period during which loan charges required to be debited to the housing revenue account will be payable, keep an account (to be called " the housing equalisation account") and shall, if they keep such an account, carry to the credit of that account from the housing revenue account such sums, and shall apply an amount equal to the sums so credited in such manner, as may be prescribed.

(2)Where a local authority close their housing equalisation account, they shall carry to the credit of their housing revenue account any sums standing to the credit of their housing equalisation account when it is closed.

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