http://www.legislation.gov.uk/ukpga/1981/64/part/IV/crossheading/financial-reconstructionNew Towns Act 1981 An Act to consolidate certain enactments relating to new towns and connected matters, being (except for section 43 of the New Towns Act 1965 and sections 126 and 127 of the Local Government, Planning and Land Act 1980 and certain related provisions) enactments which apply only to England and Wales.1981-12-01texttext/xmlenStatute Law Database2024-05-19Expert Participation2024-04-30 Part IV Finance<Addition ChangeId="d30p3599" CommentaryRef="c253226"> Financial reconstruction</Addition> <Addition ChangeId="d30p3599" CommentaryRef="c253226"> Power to extinguish loan obligations of development corporations.</Addition>62A1The Secretary of State may, with the Treasury’s consent, by order extinguish to such extent as may be specified in the order any liabilities of a development corporation in respect of advances made by him to the corporation under section 58(1) or the corresponding provisions of the 1946 Act or the 1965 Act.2The aggregate amount of liabilities extinguished by order under this section shall not exceed £1,750 million.3Where liabilities are extinguished under this section the assets of the National Loans Fund shall be reduced by amounts corresponding to the liabilities so extinguished.4No order shall be made under this section after 30th September 1986.5No order shall be made under this section unless a draft of the order has been laid before, and approved by a resolution of, the House of Commons.6In this section—athe 1946 Act” means the New Towns Act 1946 and the provision of it corresponding to section 58(1) is section 12(1); andbthe 1965 Act” means the New Towns Act 1965 and the provision of it corresponding to section 58(1) is section 42(1).<Addition ChangeId="d30p3599" CommentaryRef="c253226"> Power to suspend loan obligations of development corporations and Commission.</Addition>62B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1946 c. 68. 1965 c. 59. Ss. 62A, 62B and cross-heading inserted by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 8(1)S. 62B repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 16, Sch. 16; S.I. 2009/803, arts. 3(1), 10
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<dc:description> An Act to consolidate certain enactments relating to new towns and connected matters, being (except for section 43 of the New Towns Act 1965 and sections 126 and 127 of the Local Government, Planning and Land Act 1980 and certain related provisions) enactments which apply only to England and Wales.</dc:description>
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<ukm:Savings>
<ukm:Section Ref="section-247" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/section/247">s. 247</ukm:Section>
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<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
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<ukm:AffectedTitle>New Towns Act 1981</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-1A-4" URI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/1A/4" FoundRef="section-1A">s. 1A(4)</ukm:Section>
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<ukm:AffectingTitle>Levelling-up and Regeneration Act 2023</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-16" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/schedule/16">Sch. 16 </ukm:Section>
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</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-247" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/section/247">s. 247</ukm:Section>
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<ukm:CommencementAuthority>
<ukm:Section Ref="section-255-7" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/section/255/7">s. 255(7)</ukm:Section>
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<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
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<ukm:AffectedTitle>New Towns Act 1981</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-1A-4" URI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/1A/4" FoundRef="section-1A">s. 1A(4)</ukm:Section>
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<ukm:AffectingTitle>Levelling-up and Regeneration Act 2023</ukm:AffectingTitle>
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<ukm:Section Ref="schedule-16" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/schedule/16">Sch. 16 </ukm:Section>
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<ukm:Savings>
<ukm:Section Ref="section-247" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/section/247">s. 247</ukm:Section>
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<ukm:CommencementAuthority>
<ukm:Section Ref="section-255-7" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/section/255/7">s. 255(7)</ukm:Section>
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<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
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<ukm:AffectedTitle>New Towns Act 1981</ukm:AffectedTitle>
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<ukm:Section Ref="section-1A-5-a" URI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/1A/5/a" FoundRef="section-1A">s. 1A(5)(a)</ukm:Section>
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<ukm:AffectingTitle>Levelling-up and Regeneration Act 2023</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-16" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/schedule/16">Sch. 16 </ukm:Section>
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<ukm:Savings>
<ukm:Section Ref="section-247" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/section/247">s. 247</ukm:Section>
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<ukm:Section Ref="section-255-7" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/section/255/7">s. 255(7)</ukm:Section>
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<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
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<ukm:UnappliedEffect AffectedProvisions="s. 2(1A)" Modified="2024-10-30T13:47:16Z" AffectedClass="UnitedKingdomPublicGeneralAct" AffectedURI="http://www.legislation.gov.uk/id/ukpga/1981/64" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2023/55" EffectId="key-e5587bb8a55987daad92c36f6121b6a0" Type="inserted" AffectingClass="UnitedKingdomPublicGeneralAct" RequiresApplied="true" AffectingEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectingNumber="55" AffectingYear="2023" AffectedNumber="64" AffectingProvisions="Sch. 16 para. 8" AffectedYear="1981" URI="http://www.legislation.gov.uk/id/effect/key-e5587bb8a55987daad92c36f6121b6a0" Row="2054">
<ukm:AffectedTitle>New Towns Act 1981</ukm:AffectedTitle>
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<ukm:Section Ref="section-2-1A" URI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/2/1A" FoundRef="section-2">s. 2(1A)</ukm:Section>
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<ukm:AffectingTitle>Levelling-up and Regeneration Act 2023</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-16" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/schedule/16">Sch. 16 </ukm:Section>
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</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-247" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/section/247">s. 247</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-255-7" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/section/255/7">s. 255(7)</ukm:Section>
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</ukm:InForceDates>
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<ukm:AffectedTitle>New Towns Act 1981</ukm:AffectedTitle>
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<ukm:Section Ref="section-77-3E" URI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/77/3E" FoundRef="section-77">s. 77(3E)</ukm:Section>
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<ukm:AffectingTitle>Levelling-up and Regeneration Act 2023</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-17" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/schedule/17">Sch. 17 </ukm:Section>
<ukm:Section Ref="schedule-17-paragraph-1-3" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/schedule/17/paragraph/1/3">para. 1(3)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-247" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/section/247">s. 247</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-255-7" URI="http://www.legislation.gov.uk/id/ukpga/2023/55/section/255/7">s. 255(7)</ukm:Section>
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<ukm:Alternative Date="2008-10-27" URI="http://www.legislation.gov.uk/ukpga/1981/64/pdfs/ukpga_19810064_en.pdf" Title="Print Version"/>
</ukm:Alternatives>
<ukm:Statistics>
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<Primary>
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<Part DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/part/IV" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/part/IV" NumberOfProvisions="12" id="part-IV" RestrictExtent="E+W+S" RestrictStartDate="2018-07-24">
<Number>
<Strong>Part IV</Strong>
</Number>
<Title> Finance</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/part/IV/crossheading/financial-reconstruction" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/part/IV/crossheading/financial-reconstruction" NumberOfProvisions="2" RestrictExtent="E+W" id="part-IV-crossheading-financial-reconstruction" RestrictStartDate="2009-04-01">
<Title>
<Addition ChangeId="d30p3599" CommentaryRef="c253226"> Financial reconstruction</Addition>
</Title>
<P1group ConfersPower="true">
<Title>
<Addition ChangeId="d30p3599" CommentaryRef="c253226"> Power to extinguish loan obligations of development corporations.</Addition>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/section/62A" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/62A" id="section-62A">
<Pnumber>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">62A</Addition>
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<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/section/62A/1" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/62A/1" id="section-62A-1">
<Pnumber>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">1</Addition>
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<P2para>
<Text>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">The Secretary of State may, with the Treasury’s consent, by order extinguish to such extent as may be specified in the order any liabilities of a development corporation in respect of advances made by him to the corporation under section 58(1) or the corresponding provisions of the 1946 Act or the 1965 Act.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/section/62A/2" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/62A/2" id="section-62A-2">
<Pnumber>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">2</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">The aggregate amount of liabilities extinguished by order under this section shall not exceed £1,750 million.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/section/62A/3" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/62A/3" id="section-62A-3">
<Pnumber>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">3</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">Where liabilities are extinguished under this section the assets of the National Loans Fund shall be reduced by amounts corresponding to the liabilities so extinguished.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/section/62A/4" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/62A/4" id="section-62A-4">
<Pnumber>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">4</Addition>
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<P2para>
<Text>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">No order shall be made under this section after 30th September 1986.</Addition>
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<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/section/62A/5" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/62A/5" id="section-62A-5">
<Pnumber>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">5</Addition>
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<P2para>
<Text>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">No order shall be made under this section unless a draft of the order has been laid before, and approved by a resolution of, the House of Commons.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/section/62A/6" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/62A/6" id="section-62A-6">
<Pnumber>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">6</Addition>
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<P2para>
<Text>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">In this section—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/section/62A/6/a" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/62A/6/a" id="section-62A-6-a">
<Pnumber>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">a</Addition>
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<P3para>
<Text>
<Addition ChangeId="d30p3599" CommentaryRef="c253226"></Addition>
<Term id="term-the-1946-act">
<Addition ChangeId="d30p3599" CommentaryRef="c253226">the 1946 Act</Addition>
</Term>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">” means the </Addition>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">
<CommentaryRef Ref="c253245"/>
New Towns Act 1946 and the provision of it corresponding to section 58(1) is section 12(1); and
</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/section/62A/6/b" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/62A/6/b" id="section-62A-6-b">
<Pnumber>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">b</Addition>
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<P3para>
<Text>
<Addition ChangeId="d30p3599" CommentaryRef="c253226"></Addition>
<Term id="term-the-1965-act">
<Addition ChangeId="d30p3599" CommentaryRef="c253226">the 1965 Act</Addition>
</Term>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">” means the </Addition>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">
<CommentaryRef Ref="c253246"/>
New Towns Act 1965 and the provision of it corresponding to section 58(1) is section 42(1).
</Addition>
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<P1group ConfersPower="true" RestrictExtent="E+W" RestrictStartDate="2009-04-01">
<Title>
<Addition ChangeId="d30p3599" CommentaryRef="c253226"> Power to suspend loan obligations of development corporations and Commission.</Addition>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1981/64/section/62B" IdURI="http://www.legislation.gov.uk/id/ukpga/1981/64/section/62B" id="section-62B">
<Pnumber>
<CommentaryRef Ref="key-0ef5ec65f5d31235d781a2afde0010e4"/>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">62B</Addition>
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<Text>
<Addition ChangeId="d30p3599" CommentaryRef="c253226">. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </Addition>
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<Commentaries>
<Commentary id="c253245" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1946/68" id="c00486" Year="1946" Class="UnitedKingdomPublicGeneralAct" Number="68">1946 c. 68</Citation>
.
</Text>
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<Commentary id="c253246" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1965/59" id="c00487" Year="1965" Class="UnitedKingdomPublicGeneralAct" Number="59">1965 c. 59</Citation>
.
</Text>
</Para>
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<Commentary id="c253226" Type="F">
<Para>
<Text>
Ss. 62A, 62B and cross-heading inserted by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1985/5" id="c00493" Year="1985" Class="UnitedKingdomPublicGeneralAct" Number="5" Title="New Towns and Urban Development Corporations Act 1985">New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4)</Citation>
,
<CitationSubRef id="c00494" CitationRef="c00493" URI="http://www.legislation.gov.uk/id/ukpga/1985/5/section/8/1" Operative="true" SectionRef="section-8-1">s. 8(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-0ef5ec65f5d31235d781a2afde0010e4" Type="F">
<Para>
<Text>
S. 62B repealed (1.4.2009) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2008/17" id="c3p3jw8z2-00006" Class="UnitedKingdomPublicGeneralAct" Year="2008" Number="17" Title="Housing and Regeneration Act 2008">Housing and Regeneration Act 2008 (c. 17)</Citation>
,
<CitationSubRef id="c3p3jw8z2-00007" CitationRef="c3p3jw8z2-00006" URI="http://www.legislation.gov.uk/id/ukpga/2008/17/section/325/1" SectionRef="section-325-1">s. 325(1)</CitationSubRef>
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<CitationSubRef id="c3p3jw8z2-00008" CitationRef="c3p3jw8z2-00006" URI="http://www.legislation.gov.uk/id/ukpga/2008/17/schedule/5/paragraph/16" SectionRef="schedule-5-paragraph-16">Sch. 5 para. 16</CitationSubRef>
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<CitationSubRef id="c3p3jw8z2-00009" CitationRef="c3p3jw8z2-00006" URI="http://www.legislation.gov.uk/id/ukpga/2008/17/schedule/16" SectionRef="schedule-16" Operative="true">Sch. 16</CitationSubRef>
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<Citation URI="http://www.legislation.gov.uk/id/uksi/2009/803" id="c3p3jw8z2-00010" Class="UnitedKingdomStatutoryInstrument" Year="2009" Number="803" Title="The Housing and Regeneration Act 2008 (Commencement No. 4 and Transitory Provisions) Order 2009">S.I. 2009/803</Citation>
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<CitationSubRef id="c3p3jw8z2-00011" CitationRef="c3p3jw8z2-00010" URI="http://www.legislation.gov.uk/id/uksi/2009/803/article/3/1" SectionRef="article-3-1">arts. 3(1)</CitationSubRef>
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<CitationSubRef id="c3p3jw8z2-00012" CitationRef="c3p3jw8z2-00010" URI="http://www.legislation.gov.uk/id/uksi/2009/803/article/10" SectionRef="article-10">10</CitationSubRef>
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