SCHEDULES

SCHEDULE 31 Urban Development Corporations: Finance etc.

Part II Finance

Financial limits

F1C18

1

The aggregate amount of the sums mentioned in sub-paragraph (2) below shall not exceed £30 million or such greater sum not exceeding £100 million as the Secretary of State may by order made by statutory instrument specify.

2

The sums are—

a

sums borrowed by all corporations under paragraph 4 above minus repayments made in respect of those sums; and

b

sums issued by the Treasury in fulfilment of guarantees under paragraph 5 above of debts of all corporations.

3

No order under sub-paragraph (1) above shall have effect until approved by a resolution of the House of Commons.