SCHEDULE 12

Restraints on transactions and recruitment etc. by merging councils and restructuring councils

Interpretation of paragraphs 1 and 7
6
1
In paragraphs 1 and 7, “relevant land acquisition or disposal” means the acquisition or disposal of land where the consideration for the acquisition or disposal exceeds £150,000.
2
In sub-paragraph (1), the reference to the acquisition or disposal of land includes—
a
the acquisition or grant or disposal of any interest in land,
b
entering into a contract to acquire or dispose of land or to acquire or grant or dispose of any interest in land, and
c
acquiring or granting an option to acquire any land or any interest in land.
3
In paragraphs 1 and 7, “relevant contract or agreement” means—
a
any contract, other than a capital contract, under which the consideration exceeds £150,000 where—
i
the period of the contract extends beyond the transfer date, or
ii
under the terms of the contract, that period may be extended beyond the transfer date,
b
any capital contract under which the consideration exceeds £500,000, or
c
any framework agreement within the meaning of regulation 33(2) of the Public Contracts Regulations 2015 (S.I. 2015/102) where—
i
the period of the framework agreement extends beyond the transfer date, or
ii
under the terms of the framework agreement, that period may be extended beyond the transfer date.
4
In sub-paragraph (3), “capital contract” means a contract in respect of which the consideration payable by the merging council or restructuring council is expenditure which is capital expenditure for the purposes of Chapter 1 of Part 1 of the Local Government Act 2003 (c. 26) (capital finance; see section 16 of that Act).
5
In paragraphs 1 and 7, “relevant capital acquisition” means an acquisition of share capital or loan capital in any body corporate in respect of which the consideration exceeds £500,000, other than an acquisition of loan capital where—
a
the acquisition of the loan capital is an investment for the purposes of the prudent management of the financial affairs of the merging council or restructuring council, and
b
the investment is admitted to—
i
the official list (within the meaning of the Financial Services and Markets Act 2000 (c. 8); see section 103(1) of that Act), or
ii
an equivalent list maintained by an authority of an EEA State.
6
In paragraphs 1 and 7, “relevant grant or other financial assistance” means a grant or other financial assistance (other than a loan) of more than £150,000.
7
In paragraphs 1 and 7, “relevant loan” means a loan of more than £150,000 where—
a
the period of the loan extends beyond the transfer date, or
b
under the terms of the loan, that period may be extended beyond the transfer date.
8
The Welsh Ministers may by regulations substitute a different figure for that for the time being set out in sub-paragraph (1), (3)(a) or (b), (5), (6) or (7).
Sch. 12 para. 6 in force at 21.1.2021 for specified purposes, see s. 175(1)(f)(2)(b)(ii)(m)(7)
Sch. 12 para. 6 in force at 1.4.2021 in so far as not already in force by S.I. 2021/297, art. 2(j)