10.—(1) The Department may direct that, with effect from a specified date, an existing council shall not, without the written consent of a specified statutory transition committee—
(a)dispose of any land if the consideration for the disposal exceeds a specified sum;
(b)enter into any capital contract—
(i)under which the consideration payable by the council exceeds a specified sum; or
(ii)which includes a term allowing the consideration payable by the council to be varied;
(c)enter into any non-capital contract under which the consideration payable by the council exceeds a specified sum, where—
(i)the period of the contract extends beyond a specified date; or
(ii)under the terms of the contract, that period may be extended beyond that date.
(2) In subsection (1)—
“capital contract” means a contract as regards which the consideration payable by the council is capital expenditure;
“capital expenditure” means expenditure which falls to be capitalised in accordance with proper practices (within the meaning of Article 6(3) of the Local Government (Northern Ireland) Order 2005 (NI 18));
“non-capital contract” means a contract which is not a capital contract.
(3) A direction under subsection (1)(b) or (c) may provide that the consent of a specified statutory transition committee is not required in relation to a contract of a specified description.
(4) A direction—
(a)shall be in writing;
(b)may make different provision in relation to different matters for which consent is required;
(c)may be varied or revoked by a subsequent direction.
(5) In this Chapter—
“direction” means a direction under this section;
“specified”, in relation to a direction, means specified in the direction;
“statutory transition committee” means a committee established under section 15.
(6) References in this Chapter to disposing of land include references to—
(a)dealing with land in any way mentioned in section 45(3) of the Interpretation Act (Northern Ireland) 1954 (c. 33);
(b)entering into a contract to dispose of land;
(c)granting an option to acquire land.