For the purposes of this Chapter—
borrowing of money by a local authority for the purposes of an external fund shall be treated as not being borrowing by the authority;
the temporary use by a local authority of money forming part of an external fund, if not for a purpose of the fund, shall be treated as borrowing by the authority;
entry into a credit arrangement by a local authority for the purposes of an external fund shall be treated as not being entry into a credit arrangement by the authority;
a disposal by a local authority of—
an interest in an asset which, at the time of the disposal, is an asset of an external fund, or
an investment held for the purposes of such a fund,
shall be treated as not being a disposal by the authority;
the making of an investment by a local authority for the purposes of an external fund shall be treated as not being the making of an investment by the authority;
expenditure incurred by a local authority in respect of payments out of an external fund shall be treated as not being expenditure of the authority.
In this section, references to an external fund, in relation to a local authority, are to—
a superannuation fund which the authority is required to keep by virtue of the Superannuation Act 1972 (c. 11), or
a trust fund of which the authority is a trustee.