(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, and any sum so received by him shall, subject to section 66(2) below, be paid into the Consolidated Fund.
(2)Before giving a direction under this section the Secretary of State shall consult the corporation or the Commission, as the case may be.
(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 (or, in Scotland, section 40 of the [1963 c. 51.] Land Compensation (Scotland) Act 1963) from the date specified in the direction until payment.
(4)In the application of this section and sections 64 and 66 below to Scotland, " development corporation " means the same as in the [1968 c. 16.] New Towns (Scotland) Act 1968.
(1)Where, in order to comply with a direction under section 63 above, the corporation or Commission considers it desirable to dispose of any land, it may do so by virtue of this section.
(2)The power of disposal by virtue of this section may be exercised notwithstanding anything in this Act (or, in Scotland, the New Towns (Scotland) Act 1968) but must be exercised in accordance with subsections (3) to (5) below.
(3)The power shall not be exercised so as to dispose of land by way of mortgage (or, in Scotland, standard security) or charge.
(4)Without the Secretary of State's consent (given generally or specially), the power shall not be exercised so as to transfer the freehold of land or to grant a lease of land for a term of more than 99 years. In the application of this section to Scotland this subsection has no effect.
(5)In exercising the power a corporation and the Commission shall comply with such directions as the Secretary of State may give to them—
(a)for restricting the exercise of the power ; or
(b)for requiring the power to be exercised in any manner specified in the directions.
(6)Before giving a direction under subsection (5) above the Secretary of State shall consult the corporation or the Commission, as the case may be, unless he is satisfied that because of urgency consultation is impracticable.
(7)Where a corporation or the Commission purports to dispose of land by virtue of this section, then—
(a)in favour of a person claiming under the corporation or Commission, the disposal so purporting to be made shall not be invalid by reason that any consent of the Secretary of State required under this section has not been given or that any direction of his given under this section has not been complied with ; and
(b)a person dealing with or claiming under the corporation or Commission shall not be concerned to see or enquire whether any such consent has been given or whether any such direction has been given or complied with.
(8)References in this section to disposing of land include references to granting an interest in or over land.
(1)This section applies where it appears to the Secretary of State, after consultation with the Treasury, and with the Commission or any development corporation, as the case may be, that the Commission or that development corporation have a surplus whether on capital or on revenue account after making allowance by way of transfer to reserve or otherwise for their future requirements, including, in the Commission's case, any contributions required under section 36(3)(b) above.
(2)The Commission or that corporation, as the case may be, shall, if the Secretary of State after such consultation so directs, pay to the Secretary of State such sum not exceeding the amount of that surplus as may be specified in the direction, and any sum so received by him shall be paid into the Consolidated Fund, subject to section 66(2) below.
(1)The whole or part of any payment made to the Secretary of State under section 63 or section 65 above shall, if the Secretary of State with the Treasury's approval so determines, be treated—
(a)as made by way of repayment of such part of the principal of advances—
(i)under section 58(1) above, in the case of a development corporation, or
(ii)under section 58(5) and (6), in the case of the Commission, and
(b)as made in respect of the repayments due at such times, as may be so determined.
In the application of this subsection to Scotland, for the reference to section 58 of this Act substitute section 37(1) of the [1968 c. 16.] New Towns (Scotland) Act 1968.
(2)Any sum treated under subsection (1) as a repayment of a loan shall be paid by the Secretary of State into the National Loans Fund.