(1)Where the Minister is satisfied that any local authority or two or more local authorities jointly, or any authorised association, are prepared to purchase any land and develop it as a garden city, or as' an extension of an existing garden city, and have funds available for the purpose, he may, with the consent of the Treasury and after consultation with the Board of Trade, the Minister of Agriculture and Fisheries, and the Minister of Transport, acquire that land on behalf of the authority or association, either by agreement or compulsorily, in any case in which it appears to the Minister necessary or expedient so to do for the purpose of securing the development of the land as aforesaid, and may do all such things as may be necessary to vest the land so acquired in the local authority or association.
(2)The provisions of this Act relating to the powers of a responsible authority to acquire land for the purposes of a scheme, shall, with any necessary modifications, apply for the purpose of the acquisition of land by the Minister under this section, and the Minister in exercising his powers of acquiring land under this section shall be subject to the same conditions as are applicable in relation to the acquisition of land under this Act by a responsible authority:
Provided that, in the case of an order for the compulsory acquisition of land on behalf of an authorised association, the order shall be laid before each House of Parliament and shall not be confirmed by the Minister unless and until both Houses by resolution have approved the order, nor, if any modifications are agreed to by both Houses, otherwise than as so modified.
(3)A local authority may acquire land, either by agreement or compulsorily, for any of the purposes for which land may be acquired under subsection (1) of this section, as if it were land comprised in a scheme which was required by a responsible authority for the purposes of the scheme.
(4)Any land acquired under the foregoing provisions of this section shall be developed in accordance with proposals approved by the Minister.
(5)Subject to such conditions as the Treasury may impose and up to an amount approved by the Treasury, the Public Works Loan Commissioners may advance by way of loan to any authorised association such money as the association may require for the purpose of developing the garden city in accordance with proposals approved by the Minister under this section, and the provisions of the Housing Act, 1925, with respect to loans by those Commissioners to a public utility society for the purpose of the purchase and development of land under Part III of that Act shall, subject to the provisions of this section, apply to advances made in pursuance of this subsection. The power to make advances under this subsection shall be exercised during such a period as the Treasury may determine.
(6)Any authorised association shall have power, notwithstanding anything in their rules or constitution prohibiting the payment of interest on loan capital at a rate exceeding six per cent. per annum, to raise money on loan for the purposes of this section at a rate of interest not exceeding the rate for the time being fixed by the Treasury.
(7)In this section—
The expression " local authority" includes a county council:
The expression " garden city" includes garden suburb or garden village, and " authorised association " means any society, company or body of persons approved by the Minister whose objects include the promotion, formation, or management of garden cities and the erection, improvement or management of buildings for the working classes and others, and which does not trade for profit or whose constitution forbids the issue of any share or loan capital with interest or dividend exceeding the rate for the time being fixed by the Treasury.