Constitution, status and functions of the Corporation

Functions of the Corporation
2
1
The Corporation may, in accordance with directions given under subsection (4) below,—
a
provide, facilitate the provision of, and manage sites and premises in England for occupation by industrial or commercial undertakings;
b
provide, and facilitate the provision of, means of access, services and other facilities required in connection with sites and premises in England occupied or to be occupied by such undertakings ; and
c
dispose for any purpose of land and other property held by the Corporation.
2
Subject to directions given under subsection (4) below, the Corporation may do anything, whether in England or elsewhere, which is calculated to facilitate or is conducive or incidental to the discharge of its functions, and in particular, without prejudice to the generality of the preceding provisions of this subsection, may—
a
act alone or with other persons, either in partnership or otherwise;
b
acquire land, plant, machinery and equipment and other property;
c
form, or acquire interests in, bodies corporate; and
d
make loans and guarantee obligations (arising out of loans or otherwise) incurred by other persons.
3
In the preceding provisions of this section references to the provision of premises include references to the carrying out of any works and the provision of any plant, machinery or equipment, on or for the purposes of any premises; and references to an industrial or commercial undertaking include references to any activity providing employment.
4
The Secretary of State may give the Corporation general or specific directions and the Corporation shall comply with any such directions.
5
The Corporation shall have power to provide, or assist in the provision of, advisory services in relation to the building of factories or the development or management of industrial estates, both in relation to factories or industrial estates outside Great Britain as well as in England.
6
If it appears to the Secretary of State that an undertaking is to be, or has been, set up in an area for the time being specified as a development area or intermediate area under section 1 of the Local Employment Act 1972, and that there are circumstances which justify the giving of special assistance, the Secretary of State may authorise the Corporation to provide premises for the occupation of the undertaking free of rent for such period as the Secretary of State thinks appropriate.
7
In subsection (6) above " undertaking " means any trade or business, or any other activity providing employment.
1972 c. 5.