New Towns and Urban Development Corporations Act 1985

2 Power to dissolve Commission

In Schedule 9 to the [1981 c. 64.] New Towns Act 1981, after paragraph 6, there shall be added the following paragraph—

“Power to dissolve Commission

7 (1) If at any time it appears to the Secretary of State that the purposes for which the Commission exists under this Act have been substantially achieved, he may, by order, on such day as he may appoint—

(a) terminate the exercise by the Commission of its functions except for the purpose of winding-up its affairs;

(b) vest in himself, any other Minister of the Crown or any accountable public authority any property, rights, liabilities or obligations of the Commission ;

(c) extinguish any liability of the Commission in respect of money lent or advanced at any time by the Secretary of State to any development corporation or to the Commission ;

(d) dissolve the Commission.

(2) Different days may be appointed for different purposes of this paragraph.

(3) Any order under this paragraph may include such incidental, supplemental, consequential or transitional provisions as the Secretary of State thinks fit, including amendments of and repeals in this Act so far as it relates to the Commission.

(4) Any sums arising out of the vesting of property or out of property vested in a Minister of the Crown by an order under this paragraph shall be paid into the Consolidated Fund and any sums required to meet any liabilities assumed or incurred by a Minister of the Crown or to defray any expenditure of his in connection with the management of property so vested in him shall be paid out of money provided by Parliament.

(5) No order containing provision for the purpose specified in sub-paragraph (1)(c) above shall be made without the consent of the Treasury; but if such provision is made the assets of the National Loans Fund shall be reduced by the aggregate amount by which the liabilities of the Commission are thereby reduced.

(6) No order under this paragraph containing provision for the purpose specified in sub-paragraph (1)(a) or (c) above shall be made unless a draft of it has been laid before Parliament and approved by resolution of each House.

(7) In this paragraph "accountable public authority ' means any statutory corporation a majority of the members of which are appointed by a Minister of the Crown.”