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New Towns and Urban Development Corporations Act 1985

Status:

This is the original version (as it was originally enacted).

Section 11.

SCHEDULE 2New Towns in Wales

The Development of Rural Wales Act 1976 (c. 75)

1After section 13 of the Development of Rural Wales Act 1976 there shall be inserted the following section—

“13APower to extinguish certain loan obligations of the Board.

(1)The Secretary of State may, with the Treasury's consent, by order made by statutory instrument, extinguish to such extent as may be specified in the order any liabilities of the Board in respect of sums borrowed by the Board under section 9(2)(a) above for the purposes of its functions in respect of the development of new towns.

(2)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.

(3)No order shall be made under this section after 30th September 1986.

(4)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.”

The New Towns Act 1981 (c. 64)

2In section 56 of the New Towns Act 1981 (application to the Development Board for Rural Wales of the housing transfer provisions)—

(a)subsection (3) shall be omitted ; and

(b)in subsection (4), for the words " The Board's right under subsection (3) above " there shall be substituted the words " Where, under section 44(7A)(a) above, a transfer scheme confers on the Board a right to nominate tenants, that right ".

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