Part IV Finance
General financial provisions
60 Limit on borrowing by development corporations F1...
F2(1)
The aggregate of the amounts outstanding in respect of the principal of the following sums—
(a)
the sums advanced to development corporations before the commencement of this Act under section 12(1) of the M1New Towns Act 1946 in its application to England and Wales or under section 42(1) of the M2New Towns Act 1965, and, after the commencement of this Act, under section 58(1) above, (which corresponds to those subsections),
(b)
the sums advanced to development corporations before the commencement of the M3New Towns (Scotland) Act 1968 under that section 12(1) in its application to Scotland (to which section 37(1) of that Act of 1968 corresponds) and, after the commencement of that Act of 1968, under that section 37(1); F3and
F4(c)
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(d)
the sums borrowed F5by development corporations before the commencement of this Act under section 42A of that Act of 1965 and, after the commencement of this Act, under section 59 above (which corresponds to that section), or under section 37A of that Act of 1968,
F7(2)
The said limit, except during the period specified in subsection (4) below, is £4,600 million or such greater sum not exceeding £5,250 million as the Secretary of State may by order specify.
(3)
No order shall be made under subsection (2) above unless a draft of the order has been laid before, and approved by resolution of, the House of Commons.
F8(4)
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