PART 8London and areas of other mayoral strategic authorities
CHAPTER 2Mayoral development corporations
Other functions
212Businesses, subsidiaries and other companies
(1)
An MDC may carry on any business.
F1(1A)
This section does not authorise an MDC to carry on a business for—
(a)
the supply of water, electricity or gas, or
(b)
the provision of sewerage services or heat networks.
(2)
An MDC may with the consent of the Mayor—
(a)
form, or
(b)
acquire interests in,
bodies corporate.
(3)
An MDC must ensure that no subsidiary of the MDC engages in an activity which the MDC would not be required or permitted to carry on.
(4)
An MDC must ensure that no subsidiary of the MDC—
(a)
borrows from a person other than the MDC, or
(b)
raises money by the issue of shares or stock to a person other than the MDC,
without the consent of the Mayor.
(5)
In subsection (1) “business” includes undertaking.
(6)
In this section “subsidiary” has the meaning given by section 1159 of the Companies Act 2006.
F2(7)
In this section “heat networks” has the meaning given by section 216 of the Energy Act 2023.