Part IV

Finance

General financial provisions

Limit on borrowing by development corporations ...
60
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 New Towns Act 1946 in its application to England and Wales or under section 42(1) of the New 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 New 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); and
c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
d
the sums borrowed by 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,
shall not at any time exceed the limit imposed by or under subsection
(2) and (3)
below.
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.
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Words inserted by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 7(2)
1946 c. 68.
1965 c. 59.
1968 c. 16.
S. 60(2)–(4) inserted by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 7(3)
Words in s. 60 heading repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 13(2), Sch. 16; S.I. 2009/803, arts. 3(1), 10
Words in s. 60(1) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 13(3)(d); S.I. 2009/803, art. 3(1)
Word in s. 60(1)(b) inserted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 13(3)(a); S.I. 2009/803, art. 3(1)
S. 60(1)(c) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 13(3)(b), Sch. 16; S.I. 2009/803, arts. 3(1), 10
Words in s. 60(1)(d) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 13(3)(c); S.I. 2009/803, art. 3(1)
S. 60(4) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 13(4), Sch. 16; S.I. 2009/803, arts. 3(1), 10