(1)A local authority must maintain a list of land in its area that is land of community value.
(2)The list maintained under subsection (1) by a local authority is to be known as its list of assets of community value.
(3)Where land is included in a local authority’s list of assets of community value, the entry for that land is to be removed from the list with effect from the end of the period of 5 years beginning with the date of that entry (unless the entry has been removed with effect from some earlier time in accordance with provision in regulations under subsection (5)).
(4)The appropriate authority may by order amend subsection (3) for the purpose of substituting, for the period specified in that subsection for the time being, some other period.
(5)The appropriate authority may by regulations make further provision in relation to a local authority’s list of assets of community value, including (in particular) provision about—
(a)the form in which the list is to be kept;
(b)contents of an entry in the list (including matters not to be included in an entry);
(c)modification of an entry in the list;
(d)removal of an entry from the list;
(e)cases where land is to be included in the list and—
(i)different parts of the land are in different ownership or occupation, or
(ii)there are multiple estates or interests in the land or any part or parts of it;
(f)combination of the list with the local authority’s list of land nominated by unsuccessful community nominations.
(6)Subject to any provision made by or under this Chapter, it is for a local authority to decide the form and contents of its list of assets of community value.