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Levelling-up and Regeneration Act 2023
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Levelling-up and Regeneration Act 2023, Section 179 is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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- Sch. 20 Pt. 1 para. 4 coming into force by S.I. 2024/1138 reg. 2(h)
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- Sch. 20 Pt. 1 para. 6 coming into force by S.I. 2024/1138 reg. 2(h)
- Sch. 20 Pt. 1 para. 7 coming into force by S.I. 2024/1138 reg. 2(h)
Prospective
179Removal of limits on borrowing of urban development corporations and new town development corporationsU.K.
This section has no associated Explanatory Notes
(1)In paragraph 8 of Schedule 31 to the Local Government, Planning and Land Act 1980 (aggregate limit on borrowing of urban development corporations)—
(a)in sub-paragraph (1), after “sub-paragraph (2) below” insert “(save as excepted by sub-paragraph (2A))”;
(b)after sub-paragraph (2) insert—
“(2A)But no sum which is—
(a)borrowed by, or issued in fulfilment of a guarantee of a debt of, a corporation for an urban development area in England, and
(b)borrowed or issued on or after the date on which section 179 of the Levelling-up and Regeneration Act 2023 comes into force,
is to count for the purposes of sub-paragraph (2)(a) or (b).”
(2)In section 60 of the New Towns Act 1981 (aggregate limit on borrowing of new town development corporations)—
(a)in subsection (1), after “sums” insert “(save as excepted by subsection (1A))”;
(b)after subsection (1) insert—
“(1A)No sum which—
(a)is advanced to, or borrowed by, a development corporation established for the purposes of a new town in England, and
(b)is advanced or borrowed on or after the date on which section 179 of the Levelling-up and Regeneration Act 2023 comes into force,
is to count for the purposes of subsection (1)(a) or (d).”
Commencement Information
I1S. 179 not in force at Royal Assent, see s. 255(7)
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