Part IV

Finance

General financial provisions

Advances and grants to development corporations ....
58
1
For the purpose of enabling a development corporation—
a
to meet expenditure properly chargeable to capital account (including the provision of working capital), or
b
to make good to revenue account sums applied in meeting liabilities so chargeable,
the Secretary of State may (subject to section 60 below) make to the corporation advances repayable over such periods , carrying interest at such rates and on such other terms as may be approved by the Treasury.
2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
It shall be a condition of the making of advances to a development corporation under subsection (1) above that the proposals for development submitted to the Secretary of State under section 7 above shall be approved by the Secretary of State with the Treasury’s concurrence as being likely to secure for the corporation a return which is reasonable, having regard to all the circumstances, when compared with the cost of carrying out those proposals.
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Words substituted by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(1), Sch. 3 para. 8
S. 58(2)(4) repealed by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(2), Sch. 4
Words in s. 58 heading repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 10(2), Sch. 16; S.I. 2009/803, arts. 3(1), 10
S. 58(5) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 10(3), Sch. 16; S.I. 2009/803, arts. 3(1), 10
S. 58(6) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 10(3), Sch. 16; S.I. 2009/803, arts. 3(1), 10