(1)Sections 36 and 37 of the [1981 c. 64.] New Towns Act 1981 (which define the Commission's basic function of holding and turning to account new town property transferred to it and its other powers) shall be amended as provided in subsections (2) to (4) below.
(2)For section 36(1) and (2) there shall be substituted the following subsections—
“(1)The purposes for which the Commission exists are—
(a)to take over and, with a view to its eventual disposal, to hold, manage and turn to account the property of development corporations transferred to the Commission under this Act, and
(b)as soon as it considers it expedient to do so, to dispose of property so transferred and any other property held by it,
due regard being had to the considerations specified in subsection (2) below.
(2)Those considerations, in relation to any new town, are—
(a)the convenience and welfare of persons residing, working or carrying on business there, and
(b)until disposal, the maintenance and enhancement of the value of the land held and the return obtained from it.”
(3)In section 36(3), for the words " the purpose " there shall be substituted the words " any of the purposes " and—
(a)in paragraph (b), the words from " with the approval " to " Treasury " shall be omitted and for the words from " water " onwards there shall be substituted the following—
“(i)roads;
(ii)water supplies;
(iii)gas or electricity services ; or
(iv)sewerage or sewage disposal services ;”; and
(b)paragraph (d) shall be omitted.
(4)For section 37(3) there shall be substituted the following Subsection—
“(3)The Commission shall not by virtue of section 36 above—
(a)acquire land or any interest or rights in or over land,
(b)make contributions towards the cost of providing amenities, supplies or services,
(c)make loans or advances or give guarantees,
(d)develop land otherwise than in accordance with proposals submitted to and approved by the Secretary of State, or
(e)dispose of any property by way of gift or for a consideration which is less than the best reasonably obtainable,
except under the general or special authority of the Secretary of State.”