65 Disposal of surplus funds.E+W
(1)This section applies where it appears to the Secretary of State, after consultation with the Treasury [F1and any development corporation, that the corporation has a surplus whether on capital or on revenue account after making allowance by way of transfer to reserve or otherwise for its future requirements].
(2)[F2That corporation] 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.
Textual Amendments
F1Words in s. 65(1) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 18(2); S.I. 2009/803, art. 3(1)
F2Words in s. 65(2) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 18(3); S.I. 2009/803, art. 3(1)
Modifications etc. (not altering text)
C1S. 65 modified (E.) (24.7.2018) by The New Towns Act 1981 (Local Authority Oversight) Regulations 2018 (S.I. 2018/891), regs. 1, 5(d)