(1)A corporate joint committee which has been granted the economic well-being function may do anything which it considers is likely to promote or improve the economic well-being of its area.
(2)The economic well-being function may be exercised in relation to or for the benefit of—
(a)the whole or any part of the corporate joint committee's area;
(b)all or any persons resident or present in its area.
(3)The economic well-being function includes power to do anything in relation to, or for the benefit of, any person or area situated outside the corporate joint committee's area, including areas outside Wales, if the corporate joint committee considers that it is likely to promote or improve the economic well-being of its area.
(4)Subsections (1) to (3) are subject to any prohibition, restriction or other limitation on the exercise of the economic well-being function as may be provided for in joint committee regulations or regulations under section 83.