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Commencement Orders bringing legislation that affects this Act into force:
(1)The Commission does not have power to borrow money except in accordance with sections 58 to 60 below.
(2)The Commission in discharging their functions shall comply with such directions as may be given to them by the Secretary of State, but in giving any such direction he shall have regard to the [F1Commission’s obligation to have regard to the considerations specified in] section 36(2) above.
[F2(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.]
[F3(4)The Commission shall not have power to dispose of any property by way of mortgage or charge]
(5)A transaction between a person and the Commission shall not be invalidated by reason of any failure by the Commission to comply with directions given by the Secretary of State under subsection (2) above, and such a person shall not be concerned to see or enquire whether a direction under that subsection has been given or complied with.
(6)Where the Commission purports to dispose of land by virtue of section 36, then—
(a)in favour of any person claiming under the Commission, the disposal so purporting to be made shall not be invalid by reason that any authority which is required under [F4subsection (3)(e) above] had not been given; and
(b)a person dealing with the Commission or a person claiming under the Commission shall not be concerned to see or enquire whether any such authority has been given.
(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5
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