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LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 72

Appointment of receiver.

72.(1) A council may, in accordance with a scheme made by the council and
approved by the Ministry, establish and operate a consolidated loans fund for
defraying any expenditure which may be met by borrowing under section 61 and
for the repayment or redemption of debt.

(2) A scheme under this section may make provision

(a)as to the purposes for which payments are to be authorised or required to
be made out of the fund;

(b)as to the assets and liabilities which are to be authorised or required to
be transferred to or paid into the fund;

(c)without prejudice to the generality of paragraphs (a) and (b), applying
section 73 with the necessary modifications and for securing that payments
will be made to the fund of such amounts and at such times as are necessary
for fulfilling the obligations of the council to repay loans and to pay
interest on loans and for defraying the management expenses of the fund;

(d)for the keeping of separate accounts of receipts and outgoings of the fund
determined by the scheme to be of a capital and of an income nature
respectively, and of expenditure in connection with the management of the
fund;

(e)as to the investment of assets of the fund which are for the time being not
required for other purposes, or their application in the repayment or
redemption of debt.

© 1972 Crown Copyright

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