The Local Authorities (Companies) (Amendment) (Wales) Order 2002
Article 14 of the Local Authorities (Companies) Order 1995 (“the 1995 Order”) requires an authority to have available an amount of credit cover for the liabilities of companies which, for the purposes of Part IV of the Local Government and Housing Act 1989 (“the 1989 Act”), are treated as companies regulated by the authority. Article 15(1) modifies Part IV by permitting an authority to treat a basic credit approval as increased by the amount by which its regulated companies reduce their liabilities. This Order amends article 14 of the 1995 Order so as to provide an additional mechanism by which an authority can provide that credit cover.