11(1)If, at any time on or after 1st April 1990, a credit approval is used by a local authority to any extent as mentioned in section 56(3) of this Act, then, subject to sub-paragraph (2) below, the authority’s credit ceiling shall at that time be increased by an amount equal to the extent to which the credit approval is so used.E+W
(2)If, in reliance on a credit approval, a local authority enter into or agree to the variation of a credit arrangement of a description excluded by regulations made by the Secretary of State under this paragraph, no account shall be taken under sub-paragraph (1) above of that use of the credit approval.
Modifications etc. (not altering text)
C1Sch. 3 para. 11 modified by S.I. 1990/432, reg. 21(2)
C2Sch. 3 para. 11(2) modified by S.I. 1990/432, reg.22(1)–(3)