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LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 56

Power to establish capital fund and renewal and repairs fund.

56.(1) Subject to the provisions of this Act, a council may, in addition to
the district fund, establish either or both of the following funds

(a)a capital fund, to be used either for defraying any expenditure of the
council to which capital is properly applicable, or for providing money for
repayment of loans (but not in making any annual payment required to be made
in respect of loans);

(b)a renewal and repairs fund, to be used for the purpose of defraying
expenditure to be incurred in repairing, maintaining, replacing and renewing
any buildings, works, plant, equipment or articles belonging to the council.

(2) A fund established by a council under this section shall not be used to
meet, directly or indirectly, any expenditure incurred by the council for the
purposes of a public utility undertaking.

(3) Pending the application, for the purposes authorised by this section, of
any fund established by a council under this section, the money in the fund
shall (unless applied in any other manner authorised by section 73) be
invested in a security or securities in which trustees are authorised by law
to invest trust funds.

(4) Any income arising from the investment of the money in any such fund, or
otherwise from the application of the fund, shall be carried to the fund.

© 1972 Crown Copyright

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