(1)The Board may modernise, adapt or reconstruct any buildings or other works on land acquired by the Board under, or vested in the Board by, Part I of the Local Employment Act 1960, and, where the execution of that work will interrupt the use of the buildings or works by any undertaking, acquire other land by agreement, and erect buildings and carry out works on that other land, or on land previously acquired by or vested in the Board as aforesaid, for the purpose of providing premises for the occupation of that undertaking or of otherwise meeting its requirements.
(2)In exercising his power under subsection (1) of section 7 of the said Act of 1960 (power of Minister in charge of any government department to give financial assistance for the improvement of basic services for a development area) the Minister concerned shall consider whether the improvement is expedient with a view to contributing to the development of industry in that area and not (as provided by that subsection) whether it is expedient for the purposes of Part I of that Act (that is to say, for the purpose of providing employment for the benefit of the area).
(3)In relation to any financial year beginning after 31st March 1966, the activities as respects which the Board are required to prepare a statement of accounts under section 10(5) of the said Act of 1960—
(a)shall not include the activities of the Board in respect of grants under Part I of that Act or section 1 of the [1963 c. 19.] Local Employment Act 1963 ; but
(b)shall include their activities in respect of loans under section 27 or by virtue of section 28(3)(a) of that Act (assistance for safeguarding previous loans and assistance under previous legislation).
(4)Where at any time a locality ceases to be a development area, the fact that it is no longer such an area shall not prejudice—
(a)the completion by the Board of buildings or works begun before that time in the locality under section 2 of the said Act of 1960 or section 20 of this Act, or the exercise by the Board in relation to land in that locality of their powers under either of those sections so far as may be necessary for the purpose of fulfilling any agreement entered into by the Board before that time;
(b)the making of a grant under section 3 of that Act in any case in which an application for the grant was received by the Board before that time or in which the expenditure in respect of which the grant is to be made consists of sums payable by virtue of a contract entered into before that time;
(c)the making of any other grant or of a loan under Part I of that Act, the giving of assistance under section 4 of that Act or the making of a grant under section 20 of this Act in any case in which an application for the grant, loan or assistance was received by the Board or the Minister concerned before that time; or
(d)the continued operation of any agreement relating to any such grant, loan or assistance as is mentioned in paragraph (b) or (c) above or of any other agreement relating to grants or loans entered into under that Act.
(5)Section 3 of the [1963 c. 19.] Local Employment Act 1963 shall cease to have effect, and section 14(1) of the said Act of 1960 shall cease to have effect except in relation to any locality which has ceased to be a development district before the commencement of this Act.
(6)No provision of the said Act of 1960 except section 11 (parliamentary disqualification) shall be taken as forming part of the law of Northern Ireland.