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Enterprise and New Towns (Scotland) Act 1990

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This is the original version (as it was originally enacted).

Financial provisions

34Grants by Secretary of State to development corporations

After section 37 of the [1968 c. 16.] New Towns (Scotland) Act 1968 there shall be inserted the following section—

“37AAGrants by Secretary of State to development corporation

(1)For the purpose of enabling a development corporation—

(a)to meet expenditure properly chargeable to capital account and incurred or to be incurred in providing, or in making contributions towards the cost to others of providing, any of the facilities specified in subsection (2) below, or

(b)to make good to revenue account sums applied in meeting liabilities so chargeable and arising out of the provision of any of those facilities,

the Secretary of State may, out of money provided by Parliament, make grants to the corporation of such amount as may be approved by the Treasury.

(2)The facilities referred to in subsection (1) above are—

(a)roads, paths, bridges and car parks;

(b)public open spaces, recreation grounds, playgrounds and landscaping;

(c)meeting halls and assembly rooms; and

(d)any other facilities similar to those specified in paragraph (a), (b) or (c) above.”.

35Powers to effect financial reconstruction.

After section 38A of the New Towns (Scotland) Act 1968 there shall be inserted the following section—

“Financial reconstruction
38ABPower to extinguish loan obligations of development corporation

(1)The Secretary of State may, with the consent of the Treasury, 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 37(1) of this Act or section 12(1) of the [1946 c. 68.] New Towns Act 1946.

(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 unless a draft of it has been laid before, and approved by, the Commons House of Parliament.”.

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