37Restrictions on functions of Commission
(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 provisions of section 36(2) above.
(3)The Commission shall not without the authority given generally or specially of the Secretary of State—
(a)transfer the freehold in any land, or grant a lease of any land for a term of more than 99 years, except in the case of a private dwelling and in pursuance of an agreement to make the transfer or grant to the person, occupying or proposing to occupy it as his residence; or
(b)develop any land, except in accordance with proposals submitted to the Secretory of State and approved by him.
(4)The Commission shall not have power to dispose by way of gift, mortgage or charge of any land or, except as provided by section 36(3)(b), of any other property.
(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 subsection (3)(a) 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)References in this section to disposing of land, or of property, shall be construed as including references to granting any interest in or rights over it.