35 Power of development corporation to transfer their undertakings.S
(1)Subject to the provisions of this section, a development corporation may, by an agreement made with any local authority or any statutory undertakers and approved by the Secretary of State with the concurrence of the Treasury—
(a)transfer to that local authority any part of the undertaking of the corporation, or
(b)transfer to those statutory undertakers any part of the undertaking of the corporation which consists of a statutory undertaking,
upon such terms as may be prescribed by the agreement.
The foregoing provision is without prejudice to the powers of development corporations under this Act to dispose of any of their property, including any trade or business carried on by them.
(2)Before approving an agreement under this section the Secretary of State shall consult with the [F1local authority in whose area] the whole or any part of the area of the new town is situated, except where the agreement is made with that [F2local authority].
(3)Before approving an agreement under this section for the transfer of a statutory undertaking, the Secretary of State shall publish in the Edinburgh Gazette, and in one or more newspapers circulating in the area in which the new town is situated, a notice stating that the agreement has been submitted for approval, and describing the general effect of the agreement.
(4)If, within 28 days from the publication of the notice in the Edinburgh Gazette in accordance with subsection (3) above, any objection to the agreement is made by any statutory undertakers who, within the area in which the new town is situated or any area adjacent thereto, are carrying on, or are authorised to carry on, a statutory undertaking of a character similar to the statutory undertaking proposed to be transferred by the agreement, subsection (1) above shall apply in relation to the agreement as if for the reference to the Secretary of State there were substituted a reference to the Secretary of State and the appropriate Minister.
(5)If the Secretary of State is satisfied that it is expedient, having regard to any agreement made or proposed to be made under this section, that the liability of the development corporation in respect of advances made to them under the following provisions of this Act should be reduced, he may, by an order made with the consent of the Treasury, reduce that liability to such extent as may be specified in the order.
Section 46(6) of this Act applies to orders under this subsection.
(6)The payment of any sums payable by a local authority for the purposes of an agreement under this section shall be a purpose for which that authority may borrow money.
Textual Amendments
F1Words in s. 35(2) substituted (1.4.1996) by virtue of 1994 c. 39, s. 180(1), Sch. 13 para. 73(3)(a); S.I. 1996/323, art. 4(1)(c)
F2Words in s. 35(2) substituted (1.4.1996) by 1994 c. 39, s. 180(1), Sch. 13 para. 73(3)(b); S.I. 1996/323, art. 4(1)(c)