Local Government, Planning and Land Act 1980

126 Sums to be paid to Secretary of State

(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.