b'LegislationLocal Authorities (GS) Act 1970Public Body Trading RequirementsPrepare contract which sets out the terms of the trading arrangement and agreement on price/cost.Permitted R v YPO and British educational Suppliers Association (1997) CA held the Act empowered local authorities to trade for profit, they could purchase supplies necessary for trading operations, as well as undertake speculative trading.The Act permits agreements with other public bodies for 4 main purposes, namely the supply of goods or materials, provision of administrative, technical or professional services, the use of vehicles, plant or apparatus as well as for undertaking maintenance works. Prohibited Building constructionUsers Public Bodies as defined by the Act and Statutory instrumentslarge range of public bodies but unlikely this will be added to.Wholly-owned local1970 Act predates procurement rules but rules will need to be authority vehicles considered to determine whether arrangements need to be submitted to competitive tender or will be below threshold or will otherwise fall outside EU rules.No express powers to set up trading company but might combine well-being. Private sectorNot within scope of 1970 Act powers which are concerned solely with investment facilitating inter-authority/public body trading.91'