(1)The Secretary of State may direct a development corporation or the Commission to pay to him, on the date specified in the direction, such sum as is so specified.
(2)Before giving a direction under this section, the Secretary of State shall consult the corporation or (as the case may be) the Commission.
(3)The debt shall carry interest, at the rate for the time being in force under section 32 of the [1961 c. 33.] Land Compensation Act 1961, from the date specified in the direction until payment.
(4)Any sum received by the Secretary of State under this section shall, subject to subsection (6) below, be paid into the Consolidated Fund.
(5)The whole or part of any sum received by the Secretary of State under this section shall, if the Secretary of State with the approval of the Treasury so determines, be treated as made by way of repayment of such part of the principal of advances under section 42(1) or (as the case may be) (4) and (5) of the 1965 Act (advances to corporations and Commission respectively), and as made in respect of the repayments due at such times, as may be so determined.
(6)Any sum treated under subsection (5) above as a repayment of a loan shall be paid by the Secretary of State into the National Loans Fund.
(7)In the application of this section to Scotland—
(a)for the reference in subsection (3) to section 32 of the Land Compensation Act 1961 there shall be substituted a reference to section 40 of the [1963 c. 51.] Land Compensation (Scotland) Act 1963;
(b)for the reference in subsection (5) to section 42 of the 1965 Act there shall be substituted a reference to section 37(1) of the 1968 Act.
(1)Where, in order to comply with a direction under section 122 above, the corporation or Commission 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 anything in the 1965 Act but must be exercised in accordance with subsections (3) to (5) below.
(3)The power shall not be exercised so as to dispose of land by way of mortgage (or in Scotland, standard security) or charge.
(4)Without the consent of the Secretary of State (given generally or specially), the power shall not be exercised so as to transfer the freehold of land or to grant a lease of land for a term of more than 99 years.
(5)In exercising the power a corporation and the Commission shall comply with such directions as the Secretary of State may give to them for restricting the exercise of the power or for requiring them to exercise the power in any manner specified in the directions.
(6)Before giving a direction under subsection (5) above, the Secretary of State shall consult the corporation or (as the case may be) the Commission, unless he is satisfied that because of urgency consultation is impracticable.
(7)Where a corporation or the Commission purports to dispose of land by virtue of this section, then—
(a)in favour of a person claiming under the corporation or Commission, the disposal so purporting to be made shall not be invalid by reason that any consent of the Secretary of State required under this section has not been given or that any direction of his given under this section has not been complied with, and
(b)a person dealing with the corporation or Commission, or a person claiming under the corporation or Commission, shall not be concerned to see or enquire whether any such consent has been given or whether any such direction has been given or complied with.
(8)References in this section to disposing of land include references to granting an interest in or right over land.
(9)In the application of this section to Scotland—
(a)for the reference in subsection (2) to the 1965 Act there shall be substituted a reference to the 1968 Act;
(b)subsection (4) shall have no effect.