New Towns Act 1981

60 Limit on borrowing by development corporations and Commission

The sum of the amounts outstanding at any one time 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 [1946 c. 68.] New Towns Act 1946 in its application to England and Wales or under section 42(1) of the [1965 c. 59.] 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 [1968 c. 16.] 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);

(c) the sums advanced to the Commission before the commencement of this Act under section 3(1) of the [1959 c. 62.] New Towns Act 1959 or under section 42(4) of that Act of 1965, and, after the commencement of this Act, under section 58(5) above (which corresponds to those subsections), and

(d) the sums borrowed (whether by development corporations or by the Commission) 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 exceed £3,625 million or such greater sum not exceeding £4,000 million as the Secretary of State may by order (to which section 77(5) below shall apply) specify.