(1)Subject to subsection (2) below, the Secretary of State may by order made by statutory instrument provide that land specified in the order which is vested in a local authority, statutory undertakers or other public body or in a subsidiary of a public body shall vest in an urban development corporation established or to be established by an order under section 135 above for an area in which the land is situated.
(2)An order under subsection (1) above may not specify land vested in statutory undertakers which is used for the purpose of carrying on their undertakings or which is held for that purpose.
(3)In the case of land vested in statutory undertakers the Secretary of State and the appropriate Minister shall make any order under this section.
(4)An order under this section shall have the same effect as a declaration under section 30 of the [1968 c. 72.] Town and Country Planning Act 1968 or, in Scotland, section 278 of the [1972 c. 52.] Town and Country Planning (Scotland) Act 1972 (both of which relate to general vesting declarations) except that, in relation to such orders, the enactments mentioned in Schedule 27 shall have effect subject to the modifications specified in that Schedule.
(5)Compensation under the [1961 c. 33.] Land Compensation Act 1961 or, in Scotland, the [1963 c. 51.] Land Compensation (Scotland) Act 1963, as applied by subsection (4) above and Schedule 27 to this Act, shall be assessed by reference to values current on the date the order under this section comes into force.
(6)No order under this section shall have effect until approved by a resolution of each House of Parliament.
(7)In this section—
" subsidiary ", in relation to a public body, means a wholly-owned subsidiary of that body ; and
" wholly-owned subsidiary " has the meaning assigned to it by section 150(4) of the [1948 c. 38.] Companies Act 1948.