LOCAL COUNCILS (FINANCIAL) _g S.L.363.01 1
SUBSIDIARY LEGISLATION 363.01
LOCAL COUNCILS (FINANCIAL) REGULATIONS
26th November, 1993
LEGAL NOTICE 155 of 1993, as amended by Legal Notices 166 of 1997,
222 of 1999, 324 of 2002 and 302 of 2003.
PART I
General Provisions
Citation .
(Financial) Regulations.
Interpretation.
Cap. 363.
"auditors" means the local government auditors appointed under
article 65 of the Act;
"authorised primary documentation" means any original
document which is properly authorised and which legally verifies
the execution of a financial transaction by way of declaration or
description of the said transaction, and by the signature of all the
parties involved;
"chart of accounts" means the common list of accounts to be used
by Councils in the administration of their accounting and financial
operations;
"coding structure" means the system of code numbers used to
identify each type of accounting and financial transaction;
"committee" and "chairman" mean respectively the committee
and chairman appointed under article 47 of the Act;
"community" and "residents" shall refer to a part of or to all the
population of a locality as defined in article 2 of the Act;
"Council", "Councillor", "Auditor General", "financial year",
"locality", "Mayor", "Minister" and "Secretary" shall all have the
same meaning as is assigned to them by article 2 of the Act;
"Council’s administrative of office" shall have the same meaning
as is described in article 48 of the Act;
"Council employee" or "employee" means any person receiving a
wage or salary, excluding the Mayor, from the Council for work or
services rendered, or any other person acting in such a capacity;
"Council property" includes all property owned by the Council,
whether movable or immovable;
"financial procedures" means the Local Councils financial
procedures issued by the Minister;
2 _g S.L.363.01 LOCAL COUNCILS (FINANCIAL)
S.L.363.20
"human resources procedures" means the Local Councils human
resources procedures issued by the Minister to be followed by
Councils in the execution of their human resources duties and
responsibilities under the Act and in accordance with the Local
Councils (Human Resources) Regulations.
Councils to define 
procedures, etc.
3. The Council may set policies, systems and timescales
which are not inconsistent with the provisions of the Act or of these
regulations and which shall be administered by the Secretary in
order to execute the functions of the Council as defined in the Act
and in these regulations.
PART II
Accounting
System of 
accounting.
Amended by:
L.N. 324 of 2002;
L.N. 320 of 2003.
4. (1) The Secretary shall -
( a ) establish, manage and maintain the system of Council
accounting and financial reporting, including timing of
reports, according to the chart of accounts and coding
structure as specified in these regulations and in the
financial procedures;
( b ) bring promptly to account, under the proper headings,
all moneys and assets received, paid or relinquished by
the Council directly or through its bankers;
( c ) maintain a positive balance, as determined by the
financial situation indicator referred to in
subregulation (2), between income and expenditure
and accrued income and accrued expenditure, ensuring
that such positive balance is, unless the Minister
approves otherwise in terms of the financial
procedures, not less than ten per cent of the allocation
approved in terms of article 55 of the Act for that same
Local Council financial year, while respecting all
obligations for income and expenditure and the
execution of Council functions as specified in the Act:
Provided that as from 1 October, 2003, to 31
March, 2004, there shall apply a rate of not less than
five per cent of the allocation approved in terms of the
Act instead of the aforementioned rate of ten per cent
applicable for other periods.
( d ) immediately inform the Director, as soon as the
positive balance is below that expected in terms of
paragraph ( c ), explaining the actions that are intended
to be taken by the Council to remedy the situation;
( e ) ensure that all financial transactions and accounting
procedures are properly recorded and documented in
accordance with the Act, these regulations and the
financial procedures.
(2) For the purpose of these regulations, the financial situation
indicator shall be the measure to be applied for the purpose of
determining a positive balance and as resulting from the difference
between the total of all current assets and the total of all current
and long term liabilities for the current and subsequent financial
LOCAL COUNCILS (FINANCIAL) _g S.L.363.01 3
years, excluding any long-term commitments approved by the
Minister in terms of the Act.
PART III
Control and Responsibility
Control.
Amended by:
L.N. 166 of 1997;
L.N. 324 of 2002.
5. (1) The Secretary shall be directly responsible to maintain
a continuous internal control and monitoring system to ascertain
that the accounting, recording and other financial operations of the
Council are being properly conducted in accordance with the Act,
these regulations and the policies, systems and timescales referred
to in the financial procedures.
(2) In the event of a suggested or potential irregularity, abuse
of control, weakness, fraud or embezzelment in the Council’s
financial affairs -
( a ) the Mayor or the Secretary shall initiate an
investigation within twenty-four hours and notify the
Minister in writing immediately:
Provided that, in the event of a suggested or
potential irregularity, abuse or control, weakness,
fraud or embezzlement in the Council’s financial
affairs by the Mayor and the Executive Secretary, the
Deputy Mayor or any member of the Council shall
notify the Minister in writing immediately;
Cap. 273.
( b ) the Minister may request an investigation to be
conducted by the Auditor General or by a board
appointed under the Inquiries Act;
( c ) the Minister may also order that an investigation be
carried out by any means as he deems fit.
(3) The Mayor, the Secretary, the Auditor General, the board
appointed under the Inquiries Act or their authorised
representative, shall have authority to -
( a ) enter and have access to any part of Council land,
buildings and offices at all times;
( b ) have access to all records and documents relating to
financial and other transactions of the Council;
( c ) require explanations from any Councillor or Council
employee on any matter connected with the
investigation;
( d ) require any Council employee to produce documents,
cash, stocks, inventory or any other Council property
under his control.
(4) The Mayor, the Secretary, the Auditor General or the board
appointed under the Inquiries Act shall, within two weeks after
completing their investigation, submit to the Minister and the
Council a written report of the findings on an investigation referred
to in subregulation (2).
(5) Following the receipt of the written report mentioned in
subregulation (4), the Council may take any such steps which it
4 _g S.L.363.01 LOCAL COUNCILS (FINANCIAL)
deems necessary, or as may be directed by the Minister.
Responsibility. 6. (1) The Secretary shall be responsible to the Council for
all aspects of financial management.
(2) The Secretary may delegate to other employees such of. his
duties for financial management as he judges appropriate, so
however that he will retain overall responsibility for such
employees.
(3) Employees to whom the Secretary delegates any duties
under this regulation shall be responsible to him for the -
( a ) due performance of the duties under their
responsibility;
( b ) proper collection and custody of all Council moneys
and other assets receivable by the Council;
( c ) proper relinquishment of all Council moneys and other
assets payable or relinquished by the Council;
( d ) accuracy of the accounts rendered by them or under
their responsibility.
(4) The fact that auditors audit and report on the conformity of
Council accounts and financial affairs to the conditions defined by
the Auditor General shall not in any way diminish the
responsibility of any employee from complying, or securing
compliance, with the Act, these regulations and the financial
procedures.
PART TV
Business and Financial Planning
Business plan. 7. (1) The Secretary shall be responsible for the preparation
of a draft of the Council’s business plan. In the preparation of such
a plan the Secretary shall follow such directions as may be given by
the Council or by the Mayor and shall consult such committees and
employees as may be necessary.
(2) The business plan shall -
( a ) outline the values, goals, organisation and business
direction of the Council;
( b ) provide details about past and future Council
operations and projects, including details about
allocated resources, and achieved or expected results;
( c ) include a three-year financial plan for income and
expenditure categorized according to the financial
procedures;
( d ) be prepared in the form specified in the financial
procedures.
Approval of 
business plan.
8. (1) The Council shall prepare and discuss the draft of the
new or revised business plan as stipulated in article 59(1) and (2) of
the Act.
(2) The Secretary shall forward to the Minister a copy of the
LOCAL COUNCILS (FINANCIAL) _g S.L.363.01 5
draft of the business plan not later than eight weeks after the end of
the Council’s first year of its term and thereafter by the fifteenth
day of February of each year. 
(3) The Minister may make comments about the draft business
plan and the Council may adjust the draft business plan
accordingly.
(4) The business plan shall be approved by the Council before
the end of the fourth month after the completion of the Council’s
first year of its term and thereafter by the end of March of each
year.
(5) The Secretary shall submit a copy of the approved business
plan to the Minister and to the Minister responsible for finance
within the time limit stipulated in article 59(3) of the Act.
Publication of 
business plan.
9. The Council shall publish its business plan within three
weeks after its approval. A copy of the published business plan
shall be open for public viewing at the Council’s administrative
office during normal office working hours.
PART V
Annual Budget
Preparation of 
annual budget.
10. The Secretary shall be responsible for the preparation of
the annual budget, including estimates for income and expenditure
in consultation with the Council, relevant committees and
employees, who shall forward all the required supporting
information.
Budget process.
by Government to the Council on the basis of the proportion of the
annual financial allocation according to article 55 of the Act.
(2) The Secretary shall coordinate the preparation of the annual
budget and shall -
( a ) assist committees and employees in the preparation of
their proposals;
( b ) evaluate each individual account heading, and
committee budget;
( c ) ensure compatibility and consistency between account
headings and committee budgets;
( d ) consolidate all individual budgets into the Council’s
annual budget.
(3) The Council’s annual budget shall consist of:
( a ) an overview and summary of the budget;
( b ) consolidated and detailed budget estimates for income
and expenditure classified according to the system of
accounts under the financial procedures;
( c ) capital expenditure budget;
( d ) cash budget; and
( e ) budgeted indicators to measure performance of works
and services.
6 _g S.L.363.01 LOCAL COUNCILS (FINANCIAL)
(4) The budget estimates shall be accompanied by explanations
respecting every item of an unusual nature therein comprised and
of any significant difference under each item between the proposed
expenditure or expected income and the approved budget estimates
for the preceding year.
(5) The Secretary shall submit the annual budget to the Council
for its approval within the time limit stipulated in article 56(1) of
the Act.
Budget format. 12. The format and contents of the annual budget shall be
presented in the form prescribed by the financial procedures.
Approval of annual 
budget.
13. (1) The Council shall consider, and if necessary revise,
and approve the annual budget as stipulated in article 56(2) of the
Act.
(2) The Secretary shall submit a copy of the Council’s
approved annual budget to the Minister within the time limit
stipulated in article 56(3) of the Act.
Publication of 
annual budget.
14. (1) The Council shall publish its annual budget not later
than two weeks after submitting it to the Minister according to
regulation 13(2). A copy of the published budget shall be
forwarded to the Minister responsible for finance.
(2) A copy of the Council’s annual budget shall be open for
public viewing at the Council’s administrative office during normal
office working hours.
Supplementary 
budgets.
15. (1) If supplementary funds for Local Councils are made
available according to article 62 of the Act, the Council shall
submit its approved supplementary budget to the Minister within
three weeks from the approval of the supplementary vote.
(2) The Secretary shall publish the supplementary budget and
make a copy thereof available for public viewing at the Council’s
administrative office during normal office working hours. A copy
shall also be forwarded to the Minister responsible for finance.
PART VI
Financial Management and Reporting
Preparation of 
annual 
administrative 
report.
16. (1) At the end of each financial year a detailed annual
administrative report shall be prepared by the Secretary. Such
report shall -
( a ) account to the Council for the Council’s finances
during the previous year;
( b ) review the operating and financial results achieved
against the Council’s stated objectives, plans and
budget; and
( c ) include a statement of the Council’s income and
expenditure for the year that ended and the Council’s
retained funds as at the year end.
(2) The detailed annual administrative report shall be prepared
in the form specified in the financial procedures.
LOCAL COUNCILS (FINANCIAL) _g S.L.363.01 7
Approval of annual 
administrative 
report.
17. (1) The Council shall discuss the annual administrative
report and instruct the Secretary to make any changes it may deem
necessary.
(2) It shall be the duty of the Council and the Secretary to
ensure that the financial statements forming part of the report fairly
present, in accordance with accounting policies applicable to Local
Councils, the income and expenditure of the Council for the year
that ended and its retained funds as at the year end, and that they
comply with the Act, these regulations and the financial
procedures.
(3) The Council shall approve the annual administrative report
not later than four months after the end of its first financial year of
office and subsequently by not later than the end of July of each
year.
Publication of 
annual 
administrative 
report.
18. (1) The Secretary shall publish the Council’s annual
administrative report, including a copy of the audited financial
statements, within two weeks from its approval by the Council.
(2) The annual administrative report shall be made available
for public viewing in the Council's administrative office during
normal office working hours.
PART VII
Banking Arrangements
Bank accounts.
make all arrangements and agreements with the Council’s bankers
and shall operate such bank accounts as he considers necessary.
(2) Accounts shall only be held with banks approved by the
Minister with the concurrence of the Minister responsible for
finance.
(3) Bank accounts shall not he used for personal matters.
Secretary to 
maintain bank 
records.
20. The Secretary shall ensure that for each bank account a
record of all bank transactions, supported by authorised primary
documentation, is maintained.
Cheques, direct 
payments, etc.
21. (1) All cheques shall bear the Council’s coat of arms and
shall be ordered by the Secretary, who shall ensure their safe
custody and proper use.
(2) Cheques issued by the Council for payment shall -
( a ) bear the joint signatures of the Mayor and the
Secretary;
( b ) be prepared correctly;
( c ) not be post-dated;
( d ) not be signed without bearing the amount or payee
name.
(3) Cheques, direct payments and inter-bank transfers or
payments shall be authorised by the Council according to order 32
of the Standing Orders contained in the Sixth Schedule to the Act.
8 _g S.L.363.01 LOCAL COUNCILS (FINANCIAL)
Bank statement 
reconciliation.
22. The Secretary shall as soon as possible, but not later than
the tenth working day of each month, prepare a statement to
reconcile the balance of each bank account as it appears on the
Council’s books or records with the balance on the bank statement
for the immediately preceding month.
PART VIII
Expenditure
Cash expenditure. 23. (1) The petty cash system shall be governed by the
following rules:
( a ) no cash transactions shall be made for items of
expenditure costing ten liri or over in the aggregate;
( b ) Council may by resolution authorise the Secretary to
advance, as may be necessary, such sums of money to
employees as an advance account for the payment out
of the petty cash;
( c ) employees holding advance accounts shall keep a
proper record and, on request, give the Secretary a
statement of the accounts;
( d ) an employee who ceases to he entitled to hold an
advance account shall render an account to the
Secretary for the amount advanced to him.
(2) No employee can transfer Council money to another
employee without the express consent of the Secretary. Such
transfer shall be recorded.
(3) Each month the Secretary shall account to the Council for
all petty cash expenditure incurred during the immediately
preceding month.
Purchasing of 
works, goods and 
services.
Amended by:
L.N. 222 of 1999;
L.N. 324 of 2002.
24. (1) Save as otherwise provided under the financial
procedures, all purchase orders, contracts and agreements for
works, goods or services to be supplied to the Council shall be
authorised by the Council. This provision shall not apply to petty
cash purchases and for the supply of public utility services.
(2) Purchase orders made verbally, including orders made by
telephone, shall be immediately confirmed in writing.
(3) Prior to the approval of a Council purchase order, the
Secretary or the employee responsible for purchasing shall ensure
that each purchase corresponds to and does not exceed an item or
heading within the approved estimates, unless otherwise so
authorised by the Secretary or the Council.
(4) Council purchase orders, contracts and agreements shall
require Council authorization according to the following approval
limits:
( a ) orders, contracts, agreements or items not exceeding
five hundred liri shall be authorised by the Council
according to order 32(1) of the Standing Orders
contained in the Sixth Schedule to the Act, provided
that items of the same nature are not purchased within
a consecutive four-month period;
LOCAL COUNCILS (FINANCIAL) _g S.L.363.01 9
S.L.363.03
( b ) orders, contracts, agreements or items exceeding five
hundred liri but not exceeding two thousand liri shall
require at least three official signed quotations or the
issue for a public tender according to the Local
Councils (Tendering) Regulations:
Provided that, if the Council opts for a quotation,
Council authorization in accordance with order 32(1)
of the above mentioned Standing Orders shall also
require a written justification for the selected
quotation:
Provided further that items of the same nature are
not purchased within a consecutive four-month period;
(c) orders, contracts, agreements, or items exceeding two
thousand liri or five per cent of the ordinary financial
allocation to the Council, whichever is the lowest,
shall require the -
(i) issue of a public tender according to the Local
Councils (Tendering) Regulations;
(ii) the approval of the Council according to order
32(1) of the Standing Orders contained in the
Sixth Schedule to the Act and according to the
Local Councils (Tendering) Regulations.
(5) Purchases of works, goods and services shall not be made
from suppliers appearing on the unauthorised suppliers list in the
financial procedures.
Capital 
expenditure.
25. (1) Capital expenditure shall be jointly controlled by the
Mayor and the Secretary.
(2) Expenditure of a capital nature from the Council’s funds
shall require written justification by the Secretary and shall be
approved by the Council following the procedures stipulated in
regulation 24(4)( a ), ( b ), and ( c ).
(3) The Secretary shall ensure that -
( a ) capital expenditure corresponds to the projects
approved in the current year’s annual budget estimates
and business plan, unless otherwise authorised by the
Council;
( b ) the Council’s records are to be supported by the
physical presence of capital items.
Payments.
than petty cash, be made by cheque, bank transfer, or other
instrument jointly drawn by the Mayor and the Secretary on the
Council’s bank accounts.
(2) All payment orders and invoices shall be certified correct
by the Secretary prior to payment. For this purpose the Secretary
shall examine the documents and shall be entitled to make
enquiries and receive such information as he requires.
(3) Orders for payment shall he certified by the Secretary.
approved by the Council and signed according to order 32(1) of the
10 _g S.L.363.01 LOCAL COUNCILS (FINANCIAL)
Standing Orders contained in the Sixth Schedule to the Act.
(4) The Secretary shall satisfy the Council that -
( a ) all documentation is properly compiled and correct;
( b ) overpayment or the duplication of payment is
prevented;
( c ) cheques, direct payments, and inter-bank transfers are
correctly prepared;
( d ) remittance advices are correctly prepared and
despatched with payments.
Claims for refund 
of expenses.
27. (1) All claims for the refund of payments incurred by
Councillors and employees during the course of executing their
Council duties shall be submitted, and duly certified by the
Secretary, on the appropriate form in accordance with the financial
procedures.
(2) All claims by Councillors and employees shall be submitted
to the Secretary not later than five days after the end of the
financial month during which the expense has been incurred.
(3) Prior to payment each claim shall be vetted and certified by
the Secretary and subsequently approved by the Council and
signed, according to order 32(1) of the Standing Orders contained
in the Sixth Schedule to the Act.
(4) Certification by the Secretary shall imply that he is satisfied
that the expense was properly and necessarily incurred and that the
claim is properly payable.
PART IX
Personnel and Payroll
Mayor and 
employees.
28. (1) The Secretary shall ensure that payment of salaries,
wages, gratuities and other benefits and remuneration to the Mayor,
employees and former employees, shall be made by cheque or bank
transfer by the last working day of each month.
S.L.363.20
(2) The Council and/or the Secretary shall not make payments
to employees not appointed according to the Local Councils
(Human Resources) Regulations, and the human resources
procedures.
The Secretary to 
maintain personnel 
details related to 
pay.
29. (1) The following personnel details shall be accurately
maintained by the Secretary:
( a ) appointments, resignations, dismissals, suspensions,
secondments and transfers;
( b ) absence from duty for sickness, leave, training and
other reasons;
( c ) changes in remuneration, including normal increments
and nationally negotiated pay awards;
( d ) records related to PAYE, social security, statutory sick
pay and statutory maternity pay.
LOCAL COUNCILS (FINANCIAL) _g S.L.363.01 11
S.L.363.20
(2) Appointments of all employees shall he made in accordance
with approved methods, grades and rates of pay as defined in the
Local Councils (Human Resources) Regulations and the human
resources procedures.
(3) Attendance records and other pay documents shall be
certified by the Secretary.
Payroll accounting.
system as stipulated in the financial procedures.
(2) Authorised payments, returns and claims to the Department
of Social Security and the Department of Inland Revenue and any
other Government department shall be administered by the
Secretary and submitted on time.
PART X
Income
Supervision of 
collection of 
moneys due.
31. The collection of all moneys due to the Council shall be
under the supervision of the Secretary.
Request for 
financing from 
Government.
32. The Secretary shall submit to the Minister responsible for
finance, through the Minister, a written request for financing from
Government according to article 57 of the Act.
Moneys received.
one of the Council’s bank accounts by the Secretary or any
authorised employee.
(2) The Secretary shall ensure that paying-in documents are
correctly prepared and reconciled with the relevant records.
(3) Every employee authorised to receive money shall daily
account to the Secretary for all moneys received by him.
Moneys due, etc.
result in moneys due to the Council shall be authorised by
resolution of the Council and jointly signed by the Mayor and the
Secretary.
(2) For such purpose the Secretary shall make available to the
Council any documents which it may require.
(3) The Secretary shall maintain sufficient details and proper
records of all moneys due to the Council with respect to works
done, goods supplied, services rendered, or any other matter.
(4) The Secretary shall arrange for claims to be raised for the
recovery of moneys due to the Council.
PART XI
Insurance and Security
Council to ensure 
security.
35. The Secretary shall, with the approval of Council, ensure
the security of the Council’s assets and employees and insure the
Council against any loss, damage, injury or death and against any
other source and form of liability or claim from third parties.
Insurance.
12 _g S.L.363.01 LOCAL COUNCILS (FINANCIAL)
liaise with the Council’s insurers on all matters, including claims.
(2) The Secretary shall regularly review and where necessary
amend all insurances with the approval of the Council.
(3) No indemnities shall be given without authority of the
Secretary and the Council’s insurers.
(4) Council members and employees of the Council shall be
insured against third party liability.
Claims, risks and 
liabilities.
37. (1) The Secretary shall advise the Council and its insurers
of all claims, and all new risks, properties, vehicles, machinery,
equipment, plant and activities which may require insurance cover
and of any alterations affecting existing insurances.
(2) Employees shall immediately notify the Secretary of any
loss, liability, damage or event which may lead to a claim.
(3) Employees shall provide the Secretary sufficient advance
notice of any property whose custody will be temporarily accepted
by the Council.
Security. 38. (1) The Council or its employees shall not hold items of
value on behalf of third parties.
(2) The Secretary shall he responsible to ensure the security of
all buildings, stocks, stores, furniture, equipment, machinery, cash
and other Council assets.
(3) The maximum limit for cash holdings shall be one hundred
liri.
(4) Keys to safes and other secure areas are to be kept in the
custody of the employee responsible. Any losses must he
immediately reported to the Secretary, who shall take all necessary
actions to maintain security.
(5) The Secretary shall ensure the security and privacy of
information held in the Council’s records, including computer
systems, and shall introduce and enforce procedures and measures
to maintain security and confidentiality.
PART XII
Inventories, Stores and Stocks
Control of 
inventories.
39. The Secretary shall create, maintain and control an
accurate and up-to-date inventory of the Council’s assets and
stocks.
Inventories. 40. (1) Employees shall, in consultation with the Secretary as
to the form and content, maintain an inventory of all furniture,
fittings, equipment, vehicles, plant, machinery and other assets
under their control.
(2) All inventory items, except stock items, shall be
permanently marked or labelled to facilitate identification.
(3) Employees shall carry out an annual check on all items on
the inventory and shall take such action on any surplus or
deficiency as may be decided in consultation with the Secretary.
LOCAL COUNCILS (FINANCIAL) _g S.L.363.01 13
(4) No Council property shall be removed, unless in the
ordinary course of the Council’s business, without the written
authorization of the Secretary.
(5) No personal property may he kept or stored in the Council’s
buildings without the written authority of the Mayor. In such a case
the property shall be properly marked for identification.
Stores and stocks.
issue and receipt of stock items into and out from stores, and
maintain an accurate inventory of stock items.
(2) Employees shall be accountable for the care and custody of
all stocks and stores under their responsibility.
(3) Stocks shall not be held in excess of normal requirements.
(4) The Secretary shall arrange for periodic independent checks
of stocks and stores and shall ensure that all stocks are checked at
least once in every year. Physical checks shall be made against
documented stock records.
(5) Employees shall supply the Secretary all the necessary
information on inventories, stores and stocked items for
accounting, costing and financial records.
(6) Obsolete materials. assets. stocks or equipment shall be
disposed of by competitive tender, public auction or any other
means as approved by the Council, and written-off the Council’s
accounts.
(7) The Secretary shall inform the Council of any disposals
referred to in subregulation (6).
PART XIII
Property
Maintenance of 
estate documents.
42. (1) The Secretary shall have custody of all title deeds and
shall be responsible for their security.
(2) The Secretary shall maintain a register of all land and
buildings owned by the Council as described in the financial
procedures.
Dealings in 
property.
43. (1) Dealings in property must be made in accordance with
the financial procedures.
S.L.363.03
(2) The contracting to third parties of rights, concessions,
permits or authorization to manage, operate, use or occupy
Government property within the locality shall be made after a
public call for tenders has been made according to the Local
Councils (Tendering) Regulations:
Provided that Government has authorised the Council, by
notice in the Gazette, to administer the Government property in
question.
(3) The contracting to third parties of other rights, concessions,
permits or authorizations within a locality shall be made after a
public call for tenders has been made according to the Local
Councils (Tendering) Regulations.
14 _g S.L.363.01 LOCAL COUNCILS (FINANCIAL)
PART XIV
Investments and Borrowing
Administration of 
investments and 
borrowing.
44. The Secretary shall administer and control borrowing on
behalf of the Council.
Investments. 45. (1) The Council may invest its money only in Government
issued securities, including stocks, bonds and bills.
(2) All securities, including stocks, bonds and bills owned by
the Council or held in its name, shall be held in custody by the
Council’s bankers.
Borrowing. 46. (1) In exceptional circumstances borrowing may be
effected in the Council’s name and only after written approval from
the Minister, with the concurrence of the Minister responsible for
finance.
(2) The Secretary shall maintain a record of all the Council’s
borrowings.
