HC Deb 13 June 1989 vol 154 c841

Amendment made: No. 94, in page 50, line 13, at end insert— '(1A) If, in the case of a credit arrangement falling within subsection (5) of section 41 above,—

  1. (a) the option in question is exercised in a way different from that which was assumed for the purposes of that section, or
  2. (b) it was assumed for the purposes of that section that the option in question would not be exercised but it is in fact exercised,
the exercise of the option shall be regarded for the purposes of this section as a variation of the terms of the credit arrangement; and if, in such a case, it was assumed for the purposes of section 41 above that the option would be exercised (or would be exercised in a particular way) and it subsequently appears to the local authority that it will not in fact be exercised, the option shall be assumed to have been abandoned and that abandonment shall be regarded for the purposes of this section as a variation of the terms of the credit arrangement.'.—[Mr. Gummer.]

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