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The Local Authorities (Wales) (Property etc.) Order 1973

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Loans pools and consolidated loans funds

34.—(1) This article applies where, if the Act had not been passed and this order had not been made, advances from a loans pool or consolidated loans fund would have fallen to be repaid in respect of any matter, and the matter is by virtue of the Act or this order transferred to an authority other than the authority to whom the pool or fund is transferred by article 16.

(2) Sums which would have become due and owing to the pool or fund in respect of such advances shall be paid by the authority first mentioned in paragraph (1) to the authority last mentioned therein:

Provided that the said authorities and the lender may agree for the transfer to the first-mentioned authority of the liability with respect to any outstanding loan.

(3) The outstanding amount in respect of any such advances shall be shown in the accounts of the authority first mentioned in paragraph (1) as loans from other local authorities and as advances to the appropriate borrowing account.

(4) The outstanding amount in respect of any such advances shall be shown in the accounts of the authority last mentioned in paragraph (1) as loans to other authorities.

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