Part IV

Finance

General financial provisions

Other borrowing powers of development corporations ....
59
1
A development corporation ... 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 may 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 ... may borrow, otherwise than by way of temporary loan—
a
in any currency from the Commission of the 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 it 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.
Words in s. 59 heading repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(2), Sch. 16; S.I. 2009/803, arts. 3(1), 10
Words in s. 59(1) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(3)(a), Sch. 16; S.I. 2009/803, arts. 3(1), 10
Words 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)
Words in s. 59(2) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(4)(a), Sch. 16; S.I. 2009/803, arts. 3(1), 10
Words 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)
Words 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))
S. 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))