Accounting arrangements for income and expenditure accounted for in the housing revenue account and land held on that account3.
(1)
The income and expenditure of Inverclyde Council which would, prior to 1st April 2008, have been income and expenditure accounted for in the housing revenue account will, subject to article 4, on and after that date be paid into, or as the case may be out of, the general fund of Inverclyde Council.
(2)
In this article, “general fund” means the fund which a local authority requires to have by virtue of section 93 of the Local Government (Scotland) Act 19733.