8(1)London Regional Transport may develop their land in such manner as they think fit.E+W
(2)London Regional Transport may in particular—
(a)develop for use by other persons land belonging to them which is not required for the purposes of their business; and
(b)where the use of their land for the purposes of their business can be combined with its use by other persons, develop the land by constructing or adapting buildings on it for use wholly or partly by other persons;
with a view to the disposal of any right or interest in the land or (as the case may be) the buildings or any part of the buildings, after the development is carried out.
(3)London Regional Transport shall not incur any substantial item of expenditure in developing their land for use for purposes which are not the purposes of their business without the consent of the Secretary of State; and the Secretary of State may from time to time give directions to London Regional Transport indicating what is to be treated for the purposes of this paragraph as a substantial item of expenditure.
(4)Subject to sub-paragraph (5) below, where London Regional Transport propose under this paragraph to develop any land for use otherwise than for the purposes of their business they may, with the consent of the Secretary of State, acquire by agreement adjoining land for the purpose of developing it together with the other land.
(5)The consent of the Secretary of State is not required to a proposal by London Regional Transport to acquire land in exercise of the power under sub-paragraph (4) above in any case where the Secretary of State has under sub-paragraph (3) above consented to the incurring by London Regional Transport of a substantial item of expenditure in developing their land as mentioned in sub-paragraph (3) which includes expenditure in carrying out that proposal.
Textual Amendments applied to the whole legislation
F1Act repealed (prosp.) by 1999 c. 29, ss. 423, 425(2), Sch. 34 Pt. II (with Sch. 12 para. 9(1))