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New Towns Act 1981

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Changes to legislation:

New Towns Act 1981, Section 59 is up to date with all changes known to be in force on or before 18 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

59 Other borrowing powers of development corporations F1....E+W

(1)A development corporation F2... may borrow temporarily, by way of overdraft or otherwise, either—

(a)in sterling from the Secretary of State, or

(b)with the Secretary of State’s consent and the Treasury’s approval, or in accordance with any general authority given by the Secretary of State with the Treasury’s approval, in any currency from any other person.

such sums as the development corporation [F3may require for meeting its obligations or performing its functions].

(2)With the consent of the Secretary of State and the Treasury’s approval, a development corporation F4... may borrow, otherwise than by way of temporary loan—

(a)in any currency from the Commission of [F5the European Union] or from the European Investment Bank, or

(b)in any currency other than sterling from any person, other than the Secretary of State and the bodies mentioned in the preceding paragraph,

such sums as [F6it may require for enabling it] to meet expenditure properly chargeable to capital account (including the provision of working capital), or to make good to revenue account sums applied in meeting liabilities so chargeable.

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