PART IV CREDIT ARRANGEMENTS

Leases of which the initial cost is nil

29 Lease of land for term not exceeding three years
The initial cost of a lease (“the new lease”) of land shall be nil where—
(a) the term of the new lease does not exceed three years;
(b) the authority have not, at any time within the period of five years ending on the date on which they become the lessees, had a freehold interest in any part of the land, or an earlier leasehold interest in any part of the land for a term which, added to the term of the new lease, produces a combined term of more than three years; and
(c) no other local authority have, within the same period, had a leasehold interest in any part of the land for a term which, added to the term of the new lease, produces a combined term of more than three years.