(1) Every local authority must adopt a policy setting out—
(a) that local authority's general approach to determining the significance of proposals and decisions in relation to issues, assets, or other matters; and
(b) any thresholds, criteria, or procedures that are to be used by the local authority in assessing the extent to which issues, proposals, decisions, or other matters are significant.
(2) The policy adopted under subsection (1) must list the assets considered by the local authority to be strategic assets.
(3) A policy adopted under subsection (1) may be amended from time to time.
(4) A local authority must use the special consultative procedure both in relation to—
(a) the adoption of a policy under subsection (1); and
(b) the amendment, under subsection (3), of a policy adopted under subsection (1).