Every billing authority shall establish, and then maintain, a fund (to be called its collection fund) in accordance with this Part.
Subject to subsections (2A) to (2C) below,An authority's collection fund must be established on 1 April 1990.
In the case of a district council which is established for an area by an order under section 17 of the Local Government Act 1992 ..., the collection fund must be established on the date on which by virtue of the order the structural or boundary change affecting the area comes into force.
In the case of—
the collection fund must be established on the date on which by virtue of the order the structural change concerned comes into force.
In the case of—
the collection fund must be established on a date specified in the order or in regulations made under section 14 of that Act.
Section 101(1)(b) of the Local Government Act 1972 (delegation) shall not apply as regards the functions of an authority in relation to its collection fund.
Any sum paid into an authority's collection fund shall be used in the making of payments which are to be met from that fund or of transfers which are to be made from it.
If not immediately required for the purpose of making those payments or transfers, the sum shall be held, invested or otherwise used in such manner as may be prescribed by regulations made by the Secretary of State.