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New Towns Act 1981
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66Payments under ss. 63 and 65 treated as repayments
(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.
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