(1)Subject to the following provisions of this Part, a regional development agency may do anything which it considers expedient for its purposes, or for purposes incidental thereto.
(2)A regional development agency may only—
(a)give financial assistance,
(b)dispose of land for less than the best consideration which can reasonably be obtained, or
(c)form, or acquire an interest in, a body corporate,
if the Secretary of State consents.
(3)A regional development agency may only provide housing by acquiring existing housing accommodation and making it available on a temporary basis for purposes incidental to its purposes.
[F1(4)Subsection (2) has effect in relation to the London Development Agency as if the reference to the Secretary of State were for the purposes of paragraph (c) a reference to the Mayor of London.]
Textual Amendments
F1S. 5(4) inserted (3.7.2000) by 1999 c. 29, s. 309, Sch. 25 para. 2 (with Sch. 12 para 9(1); S.I. 2000/801, art. 2(2)(c), Sch. Pt. 3
Modifications etc. (not altering text)
C1S. 5 applied (with modifications) (E.) (31.1.2008) by The European Regional Development Fund (East of England Operational Programme) (Implementation) Regulations 2007 (S.I. 2007/3624), regs. 1(1), 9(4)
C2S. 5 applied (with modifications) (E.) (31.1.2008) by The European Regional Development Fund (East Midlands Operational Programme) (Implementation) Regulations 2007 (S.I. 2007/3625), regs. 1(1), 9(4)
C3S. 5 applied (with modifications) (E.) (31.1.2008) by The European Regional Development Fund (West Midlands Operational Programme) (Implementation) Regulations 2007 (S.I. 2007/3618), regs. 1(1), 9(4)
C4S. 5 applied (with modifications) (E.) (31.1.2008) by The European Regional Development Fund (South West Operational Programmes) (Implementation) Regulations 2007 (S.I. 2007/3623), regs. 1(1), 9(4)
C5S. 5 applied (with modifications) (E.) (31.1.2008) by The European Regional Development Fund (North West Operational Programme) (Implementation) Regulations 2007 (S.I. 2007/3622), regs. 1(1), 9(4)
C6S. 5 applied (with modifications) (E.) (31.1.2008) by The European Regional Development Fund (South East Operational Programme) (Implementation) Regulations 2007 (S.I. 2007/3620), regs. 1(1), 9(4)
C7S. 5 applied (with modifications) (E.) (31.1.2008) by The European Regional Development Fund (Yorkshire and the Humber Operational Programme) (Implementation) Regulations 2007 (S.I. 2007/3619), regs. 1(1), 9(4)
C8S. 5 applied (with modifications) (E.) (31.1.2008) by The European Regional Development Fund (North East Operational Programme) (Implementation) Regulations 2007 (S.I. 2007/3621), regs. 1(1), 9(4)
C9S. 5 applied (with modifications) (E.) (19.6.2008) by The European Regional Development Fund (London Operational Programme) (Implementation) Regulations 2008 (S.I. 2008/1342), regs. 1(1), 10(7)
Commencement Information
I1S. 5 wholly in force at 3.7.2000; s. 5 not in force at Royal Assent see s. 43; s. 5 in force for certain purposes at 25.11.1998 by S.I. 1998/2952, art. 2(2); s. 5 in force at 3.7.2000 in so far as not already in force by S.I. 2000/1173, art. 2(2)(c)