New Towns Act 1981
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Change 1
62A Power to extinguish loan obligations of development corporations.
(1) The Secretary of State may, with the Treasury’s consent, by order extinguish to such extent as may be specified in the order any liabilities of a development corporation in respect of advances made by him to the corporation under section 58(1) or the corresponding provisions of the 1946 Act or the 1965 Act. (2) The aggregate amount of liabilities extinguished by order under this section shall not exceed £1,750 million. (3) Where liabilities are extinguished under this section the assets of the National Loans Fund shall be reduced by amounts corresponding to the liabilities so extinguished. (4) No order shall be made under this section after 30th September 1986. (5) No order shall be made under this section unless a draft of the order has been laid before, and approved by a resolution of, the House of Commons. (6) In this section— (a) “the 1946 Act” means the New Towns Act 1946 and the provision of it corresponding to section 58(1) is section 12(1); and (b) “the 1965 Act” means the New Towns Act 1965 and the provision of it corresponding to section 58(1) is section 42(1).
62A Power to extinguish loan obligations of development corporations.
(1) The Secretary of State may, with the Treasury’s consent, by order extinguish to such extent as may be specified in the order any liabilities of a development corporation in respect of advances made by him to the corporation under section 58(1) or the corresponding provisions of the 1946 Act or the 1965 Act. (2) The aggregate amount of liabilities extinguished by order under this section shall not exceed £1,750 million. (3) Where liabilities are extinguished under this section the assets of the National Loans Fund shall be reduced by amounts corresponding to the liabilities so extinguished. (4) No order shall be made under this section after 30th September 1986. (5) No order shall be made under this section unless a draft of the order has been laid before, and approved by a resolution of, the House of Commons. (6) In this section— (a) “the 1946 Act” means the New Towns Act 1946 and the provision of it corresponding to section 58(1) is section 12(1); and (b) “the 1965 Act” means the New Towns Act 1965 and the provision of it corresponding to section 58(1) is section 42(1).
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