(1)A development corporation F2... may borrow temporarily, by way of overdraft or otherwise, either—
(a)in sterling from the Secretary of State, or
(b)with the Secretary of State’s consent and the Treasury’s approval, or in accordance with any general authority given by the Secretary of State with the Treasury’s approval, in any currency from any other person.
such sums as the development corporation [F3may require for meeting its obligations or performing its functions].
(2)With the consent of the Secretary of State and the Treasury’s approval, a development corporation F4... may borrow, otherwise than by way of temporary loan—
(a)in any currency from the Commission of [F5the European Union] or from the European Investment Bank, or
(b)in any currency other than sterling from any person, other than the Secretary of State and the bodies mentioned in the preceding paragraph,
such sums as [F6it may require for enabling it] to meet expenditure properly chargeable to capital account (including the provision of working capital), or to make good to revenue account sums applied in meeting liabilities so chargeable.
Textual Amendments
F1Words in s. 59 heading repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(2), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F2Words in s. 59(1) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(3)(a), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F3Words in s. 59(1) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(3)(b); S.I. 2009/803, art. 3(1)
F4Words in s. 59(2) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(4)(a), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F5Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 3, 4 (with art. 3(2)(3)4(2)6(4)6(5))
F6Words in s. 59(2) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(4)(b); S.I. 2009/803, art. 3(1)
Modifications etc. (not altering text)
C1S. 59 functions made exercisable (E.) (24.7.2018) by The New Towns Act 1981 (Local Authority Oversight) Regulations 2018 (S.I. 2018/891), regs. 1, 3(1) (with reg. 3(2))