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New Towns and Urban Development Corporations Act 1985
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1After section 13 of the Development of Rural Wales Act 1976 there shall be inserted the following section—
“13APower to extinguish certain loan obligations of the Board.
(1)The Secretary of State may, with the Treasury's consent, by order made by statutory instrument, extinguish to such extent as may be specified in the order any liabilities of the Board in respect of sums borrowed by the Board under section 9(2)(a) above for the purposes of its functions in respect of the development of new towns.
(2)Where liabilities are extinguished under this section the assets of the National Loans Fund shall be reduced by amounts corresponding to the liabilities so extinguished.
(3)No order shall be made under this section after 30th September 1986.
(4)No order shall be made under this section unless a draft of the order has been laid before, and approved by a resolution of, the House of Commons.”
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