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Commencement Orders bringing legislation that affects this Act into force:
[F1(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
[F2(i)the property of development corporations transferred to the Commission under this Act, and
(ii)the property of urban development corporations transferred to the Commission by order under section 165B of the Local Government, Planning and Land Act 1980,]
(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 sub-section (2) below.
(2)Those considerations, in relation to any new town [F3or urban development area], 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)Subject to the provisions of this Act and to any direction given to them by the Secretary of State under section 37 below, the Commission has power, with a view to the better fulfilment of [F4any of the purposes] mentioned in subsection (1) above [F5, so far as it relates to property of development corporations,] by the improvement of any of their towns, or to the convenience or welfare of persons residing, working or carrying on business there—
(a)to acquire (otherwise than by transfer under this Act), hold, manage and turn to account land situated in or near the town, or any interest in or rights over such land;
(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6, to make contributions towards the cost of providing amenities for the town, or of providing for it
(iii)gas or electricity services; or
(iv)sewerage or sewage disposal services;]
(c)to promote or assist by any means, and in particular by making advances towards the cost of purchasing land, or of erecting, extending, improving or adapting building or works, the setting up or extension of businesses in the town;
(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8
[F9(3A)Subject to the provisions of this Act and to any direction given to them by the Secretary of State under section 37 below, the Commission has power, with a view to the better fulfilment of any of the purposes mentioned in subsection (1) above, so far as it relates to property of urban development corporations,—
(a)to acquire, hold, manage and turn to account any land or other property, including any interest in or rights over land; and
(b)to make contributions towards the cost of providing—
(iii)gas or electricity services; or
(iv)sewerage or sewage disposal services.]
(4)A transaction between a person and the Commission shall not be invalidated by reason of any non-compliance by the Commission with [F10the obligation to have regard to the considerations specified in subsection (2) above]; nor shall any such transaction be invalidated by reason of any non-compliance by the Commission with the requirement of subsection (3) [F11or (3A)]above that they shall exercise the powers conferred by that subsection with the view there mentioned.
[F12(4A)In this section “urban development area” means land which is or was, or is or was part of, an urban development area (within the meaning of Part XVI of the Local Government, Planning and Land Act 1980) and—
(a)any reference to property transferred to the Commission by order under section 165B of that Act includes a reference to rights and liabilities so transferred; and
(b)in relation to liabilities so transferred, any reference to disposal includes a reference to extinguishment.]
(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13
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