New Towns Act 1981 (c. 64)

Part IV E+W+S Finance

Payments to Secretary of State E+W

66 Payments under ss. 63 and 65 treated as repayments. E+W

(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.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(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.

Textual Amendments

F1 Words repealed by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(2), Sch. 4

Modifications etc. (not altering text)

C1 S. 66 excluded (S.) by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(1), Sch. 3 para. 9