(1)The Secretary of State may direct that, with effect from a date specified in the direction, a relevant authority may not without the written consent of a person or persons so specified—
(a)dispose of any land if the consideration for the disposal exceeds £100,000;
(b)enter into any capital contract—
(i)under which the consideration payable by the relevant authority exceeds £1,000,000; or
(ii)which includes a term allowing the consideration payable by the relevant authority to be varied;
(c)enter into any non-capital contract under which the consideration payable by the relevant authority exceeds £100,000, where—
(i)the period of the contract extends beyond a date specified in the direction; or
(ii)under the terms of the contract, that period may be extended beyond that date; or
(d)include an amount of financial reserves in a calculation under section 32(3) or 43(3) of the Local Government Finance Act 1992 (c. 14).
(2)In this Chapter “relevant authority” means a local authority—
(a)which by virtue of an order under section 7 or 10 is to be dissolved; and
(b)which is specified, or of a description specified, in the direction.
(3)In this section—
“capital contract” means a contract as regards which the consideration payable by the relevant authority would be capital expenditure for the purposes of Chapter 1 of Part 1 of the Local Government Act 2003 (c. 26) (capital finance);
“non-capital contract” means a contract which is not a capital contract.
(4)A person specified in the direction as a person whose consent is required may be the Secretary of State or such authority or other person as he thinks appropriate; and the direction may specify different persons—
(a)in relation to different matters for which consent is required;
(b)in relation to different relevant authorities or descriptions of relevant authority.