(1)F2... every development corporation—
(a)shall keep proper accounts and other records in relation to those accounts, and
[F3(b)shall F4... prepare in respect of each financial year annual accounts in such form as the Secretary of State may with the Treasury’s approval direct, F5... ]
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)The financial year F7... of every development corporation shall begin with 1st April [F8but, if the Secretary of State, with the approval of the Treasury, so directs in a case where a development corporation F9... is to be dissolved, the final financial year of the corporation F9... shall be such period as is specified in the direction, and references in this Act to a financial year in relation to a development corporation F9... shall be construed accordingly.]
(3)Without prejudice to the generality of subsection (1) above, the Secretary of State may, with the Treasury’s approval, give directions to F10... a development corporation as to—
(a)the kind or number of accounts which [F11it is] to keep.
(b)the amounts which are or are not to be credited or debited to any account,
(c)the manner of rectifying any account,
(d)provision for working balances,
and any such direction may be a general direction or a direction for a particular case.
Textual Amendments
F1Words in s. 67 heading repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 20(2), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F2Words in s. 67(1) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 20(3)(a), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F3S. 67(1)(b) substituted by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 9(a)
F4Word in s. 67(1)(b) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 20(3)(b), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F5Words in s. 67(1) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 20(3)(c), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F6S. 67(1A) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 20(4), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F7Words in s. 67(2) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 20(5)(a), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F8Words substituted by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 9(b)
F9Words in s. 67(2) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 20(5)(b), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F10Words in s. 67(3) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 20(6)(a), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F11Words in s. 67(3)(a) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 20(6)(b); S.I. 2009/803, art. 3(1)
(1)The accounts F12... of every development corporation shall be audited by an auditor to be appointed annually by the Secretary of State in relation to the F13... corporation.
[F14(2)A person shall not be so appointed auditor unless he is eligible for appointment as a [F15statutory auditor under Part 42 of the Companies Act 2006].]
F16(2A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)As soon as the annual [F17accounts of] a development corporation for any financial year have been audited, the [F17corporation] shall send to the Secretary of State a copy of the accounts prepared by [F18it] for that year in accordance with this section, together with a copy of any report made by the auditor on those accounts.
Textual Amendments
F12Words in s. 68(1) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 21(2)(a), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F13Words in s. 68(1) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 21(2)(b), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F14S. 68(2) substituted (1.10.1991) by S.I. 1991/1997, reg. 2, Sch. para. 41 (with reg. 4).
F15Words in s. 68(2) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 1(x) (with arts. 6, 11, 12)
F16S. 68(2A) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 21(3), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F17Words in s. 68(3) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 21(4); S.I. 2009/803, art. 3(1)
F18Word in s. 68(3) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 21(4); S.I. 2009/803, art. 3(1)
(1)The Secretary of State shall prepare in respect of each financial year, in such form and manner and at such times as the Treasury may direct—
F19(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)an account of the sums issued to him and advanced to a development corporation under this Act and of sums received by him from the development corporation and paid into the National Loans Fund in respect of the principal of and interest on sums so advanced.
F20...
(2)On or before 30th November in each year, the Secretary of State shall transmit to the Comptroller and Auditor General—
F21(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)the account prepared by him under subsection (1)(b) in respect of the last foregoing financial year,
and the Comptroller and Auditor General shall examine and certify every account so prepared by the Secretary of State and lay before each House of Parliament copies of each such account together with his report on it.
Textual Amendments
F19S. 69(1)(a) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 22(2)(a), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F20Words in s. 69(1) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 22(2)(b), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F21S. 69(2)(a) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 22(3), Sch. 16; S.I. 2009/803, arts. 3(1), 10
Modifications etc. (not altering text)
C1S. 69(1) applied (with modifications) (W.) (24.5.2018) by The Welsh Ministers (Transfer of Functions) Order 2018 (S.I. 2018/644), arts. 1(1), 17