(1)The Secretary of State may direct a development corporation F1... to pay to him, on the date specified in the direction, such sum as is so specified, and any sum so received by him shall, subject to section 66(2) below, be paid into the Consolidated Fund.
(2)Before giving a direction under this section the Secretary of State shall consult the corporation F2....
(3)The debt shall carry interest at the rate for the time being in force under section 32 of the M1Land Compensation Act 1961 F3... from the date specified in the direction until payment.
F4(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 63(1) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 17(2), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F2Words in s. 63(2) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 17(3), Sch. 16; S.I. 2009/803, arts. 3(1), 10
F3Words in s. 63(3) repealed by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(2), Sch. 4
F4S. 63(4) repealed by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(2), Sch. 4
Modifications etc. (not altering text)
C1S. 63 excluded (S.) by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(1), Sch. 3 para. 9
C2S. 63 modified (E.) (24.7.2018) by The New Towns Act 1981 (Local Authority Oversight) Regulations 2018 (S.I. 2018/891), regs. 1, 5(c)
Marginal Citations
(1)Where, in order to comply with a direction under section 63 above, the corporation . . . F5 considers it desirable to dispose of any land, it may do so by virtue of this section.
(2)The power of disposal by virtue of this section may be exercised notwithstanding [F6section 17(1) above and any implied restriction in Part I of this Act on the circumstances in which property of a development corporation may be disposed of, but otherwise must be exercised in accordance with the said Part I except that, before giving the corporation directions under section 5(2), the Secretary of State shall consult the corporation (unless he is satisfied that, on account of urgency, such consultation is impracticable].
(3)–(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7
Textual Amendments
F5Words repealed by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(1)(2), Sch. 3 para. 10(a), Sch. 4
F6Words substituted by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(1), Sch. 3 para. 10(b)
F7S. 64(3)–(8) repealed by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(1)(2), Sch. 3 para. 10(c), Sch. 4
Modifications etc. (not altering text)
(1)This section applies where it appears to the Secretary of State, after consultation with the Treasury [F8and any development corporation, that the corporation has a surplus whether on capital or on revenue account after making allowance by way of transfer to reserve or otherwise for its future requirements].
(2)[F9That corporation] shall, if the Secretary of State after such consultation so directs, pay to the Secretary of State such sum not exceeding the amount of that surplus as may be specified in the direction, and any sum so received by him shall be paid into the Consolidated Fund, subject to section 66(2) below.
Textual Amendments
F8Words in s. 65(1) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 18(2); S.I. 2009/803, art. 3(1)
F9Words in s. 65(2) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 18(3); S.I. 2009/803, art. 3(1)
Modifications etc. (not altering text)
C4S. 65 modified (E.) (24.7.2018) by The New Towns Act 1981 (Local Authority Oversight) Regulations 2018 (S.I. 2018/891), regs. 1, 5(d)
(1)The whole or part of any payment made to the Secretary of State under section 63 or section 65 above shall, if the Secretary of State with the Treasury’s approval so determines, be treated—
[F10(a)as made by way of repayment of such part of the principal of advances under section 58(1) above, and]
(b)as made in respect of the repayments due at such times, as may be so determined.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11
(2)Any sum treated under subsection (1) as a repayment of a loan shall be paid by the Secretary of State into the National Loans Fund.
Textual Amendments
F10S. 66(1)(a) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 19; S.I. 2009/803, art. 3(1)
F11Words repealed by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(2), Sch. 4
Modifications etc. (not altering text)
C5S. 66 excluded (S.) by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(1), Sch. 3 para. 9