1(1)The following, namely—
(a)any debit balance shown in a local housing authority’s Housing Revenue Account for the year beginning 1st April 1989;
(b)so much of any credit balance so shown as exceeds the limit mentioned in sub-paragraph (2) below,
shall be carried forward and debited or credited, as the case may require, not to their Housing Revenue Account for the year beginning 1st April 1990 but to some other revenue account of theirs for that year.
(2)The limit referred to in sub-paragraph (1) above is £150 multiplied by the number of dwellings in the authority’s Housing Revenue Account on 31st March 1990 or £5 million, whichever is the lesser amount.