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The Local Authorities (Funds) (England) Regulations 1992
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- Offerynnau Statudol y Deyrnas Unedig
- 1992 No. 2428
- Regulation 13
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Changes to legislation:
There are currently no known outstanding effects for The Local Authorities (Funds) (England) Regulations 1992, Section 13.
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Holdings and investmentsE+W
13.—(1) Any sum paid into a billing authority’s collection fund which is not immediately required for the purpose of making payments or transfers from that fund shall be—
(a)held in cash;
(b)invested F1...; or
(c)transferred to the billing authority’s general fund.
(2) Any sum transferred under paragraph (1) from an authority’s collection fund to its general fund shall be—
(a)held in cash;
(b)invested F2...; or
(c)used for the discharge of the authority’s functions.
[F3(3) In carrying out its function of investment pursuant to paragraphs (1)(b) or (2)(b), a billing authority shall have regard to the code of practice contained in the document entitled “Treasury Management in the Public Services: Code of Practice and Cross-Sectoral Guidance Notes” (2017 Edition) published by the Chartered Institute of Public Finance and Accountancy.]
(4) Where a sum has been transferred to its general fund under paragraph (1), a billing authority shall—
(a)immediately retransfer the sum if such a retransfer is required to enable the authority to meet payments or transfers from its collection fund; and
(b)otherwise retransfer the sum as and when it thinks fit.
Textual Amendments
F1Words in reg. 13(1)(b) omitted (31.12.2020) by virtue of The Local Government (Miscellaneous Amendments) (EU Exit) Regulations 2018 (S.I. 2018/1386), regs. 1, 3(a); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in reg. 13(2)(b) omitted (31.12.2020) by virtue of The Local Government (Miscellaneous Amendments) (EU Exit) Regulations 2018 (S.I. 2018/1386), regs. 1, 3(a); 2020 c. 1, Sch. 5 para. 1(1)
F3Reg. 13(3) substituted (31.12.2020) by The Local Government (Miscellaneous Amendments) (EU Exit) Regulations 2018 (S.I. 2018/1386), regs. 1, 3(b); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I1Reg. 13 in force at 4.11.1992, see reg. 1(1)
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