New Towns (Scotland) Act 1968

38Provisions supplementary to s. 37

(1)The Treasury may issue to the Secretary of State out of the Consolidated Fund such sums as are necessary to enable him to make advances to a development corporation under section 37(1) of this Act.

(2)For the purpose of providing the whole or part of any sum to be issued under subsection (1) above, or of providing for the replacement in whole or in part of any sum so issued, the Treasury may, at any time, if they think fit, raise money in any manner in which they are authorised to raise money under the [1939 c. 117.] National Loans Act 1939, and any securities created and issued to raise money under this subsection shall be deemed for all purposes to have been created and issued under that Act.

(3)Any sums received by the Secretary of State by way of repayment of or interest on advances under section 37(1) of this Act shall be paid into the Exchequer; and the Secretary of State shall lay before each House of Parliament a statement of any sums payable to him by way of repayment of or interest on any such advances and not duly received by him.

(4)The sums paid into the Exchequer under subsection (3) above shall be issued out of the Consolidated Fund at such times as the Treasury may direct, and shall be applied by the Treasury as follows, that is to say—

(a)so much of those sums as represents principal shall be applied in redeeming or paying off debt of such description as the Treasury think fit; and

(b)so much of those sums as represents interest shall be applied towards meeting such part of the annual charges for the national debt as represents interest.