Dynamism and change / by Aldo Neri
Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5 S. 2 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), Sch. 5 Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5 Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 4 (with art. 3(2)(3)4(2)6(4)6(5)) Words in s. 4(2) repealed (1.12.2008) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 16; S.I. 2008/3068, Sch. (with arts. 6 arts. 6-13) Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5 Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5 Sch. 2 para. 1 entries repealed by Transport Act 1980 (c. 34, SIF 126), Sch. 9 Pt. III Sch. 2 para. 2 entries relating to the Electricity Council, the North of Scotland Hydro-Electric Board and the South of Scotland Electricity Board repealed by Electricity Act 1989 (c. 29, SIF 44:1), s. 112(3)(4), 113(2), Sch. 17 para. 35(1), Sch. 18 Sch. 2 para. 3 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 6 Sch. 2 para. 4 repealed by British Telecommunications Act 1981 (c. 38, SIF 96), s. 89, Sch. 6 Pt. II Sch. 2 para. 5 repealed by Airports Authority Act 1975 (c. 78), Sch. 6 Sch. 2 para. 7 repealed by Civil Aviation Act 1980 (c. 60, SIF 9), s. 28, Sch. 3 Pt. II Sch. 2 para. 8 repealed by Iron and Steel Act 1975 (c. 64), Sch.7 Sch. 2 para. 10 repealed by Maplin Development Authority (Dissolution) Act 1976 (c. 51), Sch. Sch. 3 Pt. I (paras. 1–4) repealed by New Towns Act 1981 (c. 64, SIF 123:3), s. 81, Sch. 13 The text of Schs. 2, 3 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and except as specified does not reflect any amendments or repeals which may have been made prior to 1.2.1991. The text of Schs. 2, 3 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and except as specified does not reflect any amendments or repeals which may have been made prior to 1.2.1991. An Act to make provision for compensating certain statutory corporations in respect of financial loss due to compliance with the national policy relating to limitation of prices, and for extending the borrowing powers of certain statutory corporations; and for purposes connected with those matters.
For the purpose of compensating the bodies corporate specified in the first column of Schedule 1 to this Act in respect of financial loss which— the appropriate Minister shall make payments to those bodies in accordance with the following provisions of this section.
in any of the financial years 1971-1973 was incurred by them in consequence of their compliance with the national policy relating to limitation of prices, and
was reflected in deficits on their revenue accounts for any of those financial years,
For the purposes of the application of this section to any of the bodies corporate specified in the first column of Schedule 1 to this Act (in this section referred to as a " specified body ")—
" the specified amount" means the amount specified in the corresponding entry in the second column of that Schedule, and
" the financial years 1971-73 " means the financial years of the specified body which ended in March 1971, March 1972 and March 1973 respectively.
The aggregate amount of the payments to be made under this section to bodies corporate specified in paragraph 1 of Schedule 1 to this Act shall be the specified amount, which shall be apportioned among them as the appropriate Minister, having regard to the purpose mentioned in subsection (1) of this section, may with the consent of the Treasury determine; and the amount of the payments to be made under this section to each of the other specified bodies shall be the specified amount.
Subject to subsection (3) of this section, the times at which payments are made under this section, and the amount paid at any one time, shall be such as the appropriate Minister may, with the consent of the Treasury, determine.
For the purposes of this section the reference in Schedule 1 to this Act to the British Gas Corporation shall be taken to refer to the body now so called and formerly called the Gas Council, and, in relation to that body, references in subsection (1) of this section to financial loss incurred by them in any of the financial years 1971-1973 and reflected in deficits on their revenue accounts for any of those financial years shall be construed as references—
to financial loss which, in either of their financial years ending in March 1971 and March 1972 respectively, was incurred by any of the Area Boards established under the Gas Act 1948 in consequence of their compliance with the national policy referred to in that subsection and was reflected in deficits on their revenue accounts for either of those financial years, and
to financial loss which, if those Area Boards had continued to exist until the end of March 1973 and to operate in the like manner, and with the like compliance with that policy, as in their previous financial years, might have been expected to be incurred by them, and to be reflected in deficits on their revenue accounts, for their financial years which would in that event have ended in March 1973.
For the purpose of compensating any of the bodies corporate specified in the next following subsection in respect of financial loss which, in either of their financial years ending in March 1974 and March 1975 respectively, may be or have been incurred by them in consequence of their compliance with the national policy relating to limitation of prices, the appropriate Minister may, subject to the following provisions of this section, make by statutory instrument an order in the case of any such body corporate.
The bodies corporate referred to in subsection (1) of this section are—
the Central Electricity Generating Board, and
the bodies corporate specified in the first column of Schedule 1 to this Act.
An order made under subsection (1) of this section in the case of a body corporate in respect of a financial year shall provide that the appropriate Minister shall make a payment or payments to that body in respect of that financial year of such amount or aggregate amount as may be specified in the order.
The amount specified in such an order in the case of a body corporate in respect of the financial year ending in March 1974, shall not exceed the deficit on that body's revenue account for that financial year.
The amount specified in such an order in the case of a body corporate in respect of the financial year ending in March 1975 shall, subject to the following provisions of this section, be such amount as the appropriate Minister may determine, having regard in particular—
to any prospective deficit for that financial year which, at any time before or during that financial year, may have been forecast by agreement between that body and the appropriate Minister (or, if different prospective deficits are so forecast at different times before or during that financial year, to the latest of them), and
to the extent (if any) to which the actual state of their revenue account at the end of that financial year is more or less favourable than the prospective deficit (or, as the case may be, the latest prospective deficit) so forecast.
The aggregate amount of the payments made under this section shall not exceed £400 million or such greater sum, not exceeding £500 million, as the Treasury may specify by order made by statutory instrument.
No order shall be made under subsection (1) of this section in the case of a body corporate except with the consent of the Treasury and after consultation with that body corporate; and no power to make an order under this section shall be exercisable unless a draft of the order has been laid before the Commons House of Parliament and approved by a resolution of that House.
Any payments required to be made by virtue of section 1 or section 2 of this Act shall be made out of moneys provided by Parliament.
Any payment to a body corporate under either of those sections shall be treated as being for the credit of their revenue account, or for the credit of their capital account, or partly for the credit of the one and partly for the credit of the other, as the appropriate Minister, having regard to the duty of that body under the relevant enactment, may with the consent of the Treasury direct.
In determining, for the purposes of either of those sections, whether in the case of a body corporate there is or was a deficit or surplus on revenue account for a financial year, or the amount of any such deficit or surplus, no account shall be taken of any payment made or to be made under either of those sections.
For the purposes of the application of either of those sections to the Post Office—
each of the branches of the Post Office's undertaking relating respectively to the provision of postal services, to the provision of telecommunication services, to the provision of such services as are mentioned in section 7(1)(b) of the Post Office Act 1969 (banking, giro and related services) and to the provision of data processing services shall be treated as if it were a separate undertaking, and
references in either of those sections to financial loss incurred or to a deficit on revenue account shall, in relation to the Post Office, be construed accordingly.
In this section " the relevant enactment"—
in relation to the Central Electricity Generating Board and to Area Boards within the meaning of the Electricity Act 1947, means section 13 of the Electricity Act 1957;
in relation to the North of Scotland Hydro-Electric Board and to the South of Scotland Electricity Board, means section 10(1) of the Hydro-Electric Development (Scotland) Act 1943;
in relation to the British Gas Corporation, means section 14 of the Gas Act 1972; and
in relation to the Post Office, means section 31(1) of the Post Office Act 1969.
With a view to securing that the borrowing powers of the bodies corporate specified in the first column of Schedule 2 to this Act will extend— the enactments specified in the second column of that Schedule shall have effect subject to the amendments specified in the third column of that Schedule, and any other enactment which applies any of those enactments to any of those bodies corporate shall be construed as applying it as so amended.
to the borrowing of money in a currency other than sterling from any person and in any manner, and
to the borrowing of money in sterling from the Commission of the European Union and from the European Investment Bank,
For the purpose of extending the borrowing powers of development corporations ..., and of making provision consequential upon the extension of those powers, the enactments specified in Schedule 3 to this Act shall have effect subject to the amendments specified in that Schedule.
Any increase in— which is an increase attributable to any of the amendments specified in that Schedule shall be charged on and issued out of the Consolidated Fund or (as the case may be) shall be paid into that Fund.
the sums required by the Treasury for fulfilling guarantees given in respect of money borrowed under any of the enactments specified in Schedule 2 to this Act, or
the sums received by the Treasury in consequence of any such guarantee,
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Except in so far as the context otherwise requires, any reference in this Act to an enactment shall be construed as a reference to that enactment as amended or extended by or under any other enactment.
This Act may be cited as the Statutory Corporations (Financial Provisions) Act 1974.
Section 4. Bodies Corporate A ct Amendment 1.(1)The British Railways Board. The Transport Act 1962 (10 & 11 Eliz. 2. c. 46). In section 19(2), after the word “Minister” there shall be inserted the words “or, with the consent of the Secretary of State and the approval of the Treasury, may borrow (otherwise than by way of temporary loan) in a currency other than sterling from any person, or in sterling from the Commission of the European Union or from the European Investmen t Bank”. (2)The British Transport Docks Board. In section 21(1) the words “subsection (1) of” shall be omitted. (3)The British Waterways Board. (4)The National Bus Company. (5)The Scottish Transport Group. (6) . . . 2.(1)–(3) . . . . . . . . . 3. ... ... ... 4. . . . . . . . . . 5. . . . . . . . . . 6.(1) The British Overseas Airways Corporation. The Air Corporations Act 1967 (1967 c. 33). In section 7(2) (as substituted by paragraph 19 of Schedule 10 to the Civil Aviation Act 1971), after the word “Board” there shall be inserted the words “or, subject to those limits and with the consent of the Secretary of State and the approval of the Treasury, may borrow in sterling from the Commission of the European Union or from the European Investment Ba nk”. (2) The British European Airways Corporation. In section 10(1), in paragraph (a) the word “temporary” shall be omitted ; and in paragraph (c), for the words “any such loan as is mentioned in the last preceding paragraph” there shall be substituted the words “a loan raised by the corporation”. 7. (1)–(2) . . . . . . . . . 8. . . . . . . . . . 9. The Covent Garden Market Authority. The Covent Garden Market Act 1961 (9 & 10 Eliz. 2. c. 49). In section 38, in subsection (2), the words “may borrow by the issue of stock or debentures” shall be omitted, and at the end of that subsection there shall be inserted the words “may borrow from any person by the issue of stock or debentures, or may borrow from any person any sum in a currency other than sterling, or may borrow any sum in sterling from the Commission of the European Union or the European Investmen t Bank”. The Covent Garden Market Act 1966 (1966 c. i). In section 34, at the end of subsection there shall be inserted the words “or the repayment of the principal of, and the payment of interest on, any money borrowed by the Authority (otherwise than by the issue of stock or debentures) under subsection (1) or subsection (2) of section 38 of the Act of 1961”. 10. . . . . . . . . .
In sections 4(1) and 37(1) of the New Towns Act 1965 (which provide that development corporations and the Commission for the New Towns shall not have power to borrow money except by way of Government advances), for the words " by way of advance from the Minister under" there shall be substituted the words " in accordance with sections 42 to 43 of ".
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After section 42 of that Act there shall be inserted the following section:—
In section 43 of that Act, the word " and ", where it occurs at the end of paragraph (b), shall be omitted, and at the end of paragraph (c) there shall be inserted the words and.
After section 44 of that Act there shall be inserted the following section:—
In section 4(1) of the New Towns (Scotland) Act 1968 (which provides that a development corporation shall not have the power to borrow money except by the way of advance from the Secretary of State), for the words “by way of advance from the Secretary of State under” there shall be substituted the words “in accordance with sections 37 and 37A of”.
After section 37 of that Act there shall be inserted the following section:—
After section 38 of that Act there shall be inserted the following section:—
Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5 S. 2 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), Sch. 5 Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5 Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 4 (with art. 3(2)(3)4(2)6(4)6(5)) Words in s. 4(2) repealed (1.12.2008) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 16; S.I. 2008/3068, Sch. (with arts. 6 arts. 6-13) Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5 Ss. 1, 3, 5(1), Sch. 1 repealed by Statutory Corporations (Financial Provisions) Act 1975 (c. 55), s. 1(11), Sch. 5 Sch. 2 para. 1 entries repealed by Transport Act 1980 (c. 34, SIF 126), Sch. 9 Pt. III Sch. 2 para. 2 entries relating to the Electricity Council, the North of Scotland Hydro-Electric Board and the South of Scotland Electricity Board repealed by Electricity Act 1989 (c. 29, SIF 44:1), s. 112(3)(4), 113(2), Sch. 17 para. 35(1), Sch. 18 Sch. 2 para. 3 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 6 Sch. 2 para. 4 repealed by British Telecommunications Act 1981 (c. 38, SIF 96), s. 89, Sch. 6 Pt. II Sch. 2 para. 5 repealed by Airports Authority Act 1975 (c. 78), Sch. 6 Sch. 2 para. 7 repealed by Civil Aviation Act 1980 (c. 60, SIF 9), s. 28, Sch. 3 Pt. II Sch. 2 para. 8 repealed by Iron and Steel Act 1975 (c. 64), Sch.7 Sch. 2 para. 10 repealed by Maplin Development Authority (Dissolution) Act 1976 (c. 51), Sch. Sch. 3 Pt. I (paras. 1–4) repealed by New Towns Act 1981 (c. 64, SIF 123:3), s. 81, Sch. 13 The text of Schs. 2, 3 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and except as specified does not reflect any amendments or repeals which may have been made prior to 1.2.1991. The text of Schs. 2, 3 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and except as specified does not reflect any amendments or repeals which may have been made prior to 1.2.1991. An Act to make provision for compensating certain statutory corporations in respect of financial loss due to compliance with the national policy relating to limitation of prices, and for extending the borrowing powers of certain statutory corporations; and for purposes connected with those matters.
For the purpose of compensating the bodies corporate specified in the first column of Schedule 1 to this Act in respect of financial loss which— the appropriate Minister shall make payments to those bodies in accordance with the following provisions of this section.
in any of the financial years 1971-1973 was incurred by them in consequence of their compliance with the national policy relating to limitation of prices, and
was reflected in deficits on their revenue accounts for any of those financial years,
For the purposes of the application of this section to any of the bodies corporate specified in the first column of Schedule 1 to this Act (in this section referred to as a " specified body ")—
" the specified amount" means the amount specified in the corresponding entry in the second column of that Schedule, and
" the financial years 1971-73 " means the financial years of the specified body which ended in March 1971, March 1972 and March 1973 respectively.
The aggregate amount of the payments to be made under this section to bodies corporate specified in paragraph 1 of Schedule 1 to this Act shall be the specified amount, which shall be apportioned among them as the appropriate Minister, having regard to the purpose mentioned in subsection (1) of this section, may with the consent of the Treasury determine; and the amount of the payments to be made under this section to each of the other specified bodies shall be the specified amount.
Subject to subsection (3) of this section, the times at which payments are made under this section, and the amount paid at any one time, shall be such as the appropriate Minister may, with the consent of the Treasury, determine.
For the purposes of this section the reference in Schedule 1 to this Act to the British Gas Corporation shall be taken to refer to the body now so called and formerly called the Gas Council, and, in relation to that body, references in subsection (1) of this section to financial loss incurred by them in any of the financial years 1971-1973 and reflected in deficits on their revenue accounts for any of those financial years shall be construed as references—
to financial loss which, in either of their financial years ending in March 1971 and March 1972 respectively, was incurred by any of the Area Boards established under the Gas Act 1948 in consequence of their compliance with the national policy referred to in that subsection and was reflected in deficits on their revenue accounts for either of those financial years, and
to financial loss which, if those Area Boards had continued to exist until the end of March 1973 and to operate in the like manner, and with the like compliance with that policy, as in their previous financial years, might have been expected to be incurred by them, and to be reflected in deficits on their revenue accounts, for their financial years which would in that event have ended in March 1973.
For the purpose of compensating any of the bodies corporate specified in the next following subsection in respect of financial loss which, in either of their financial years ending in March 1974 and March 1975 respectively, may be or have been incurred by them in consequence of their compliance with the national policy relating to limitation of prices, the appropriate Minister may, subject to the following provisions of this section, make by statutory instrument an order in the case of any such body corporate.
The bodies corporate referred to in subsection (1) of this section are—
the Central Electricity Generating Board, and
the bodies corporate specified in the first column of Schedule 1 to this Act.
An order made under subsection (1) of this section in the case of a body corporate in respect of a financial year shall provide that the appropriate Minister shall make a payment or payments to that body in respect of that financial year of such amount or aggregate amount as may be specified in the order.
The amount specified in such an order in the case of a body corporate in respect of the financial year ending in March 1974, shall not exceed the deficit on that body's revenue account for that financial year.
The amount specified in such an order in the case of a body corporate in respect of the financial year ending in March 1975 shall, subject to the following provisions of this section, be such amount as the appropriate Minister may determine, having regard in particular—
to any prospective deficit for that financial year which, at any time before or during that financial year, may have been forecast by agreement between that body and the appropriate Minister (or, if different prospective deficits are so forecast at different times before or during that financial year, to the latest of them), and
to the extent (if any) to which the actual state of their revenue account at the end of that financial year is more or less favourable than the prospective deficit (or, as the case may be, the latest prospective deficit) so forecast.
The aggregate amount of the payments made under this section shall not exceed £400 million or such greater sum, not exceeding £500 million, as the Treasury may specify by order made by statutory instrument.
No order shall be made under subsection (1) of this section in the case of a body corporate except with the consent of the Treasury and after consultation with that body corporate; and no power to make an order under this section shall be exercisable unless a draft of the order has been laid before the Commons House of Parliament and approved by a resolution of that House.
Any payments required to be made by virtue of section 1 or section 2 of this Act shall be made out of moneys provided by Parliament.
Any payment to a body corporate under either of those sections shall be treated as being for the credit of their revenue account, or for the credit of their capital account, or partly for the credit of the one and partly for the credit of the other, as the appropriate Minister, having regard to the duty of that body under the relevant enactment, may with the consent of the Treasury direct.
In determining, for the purposes of either of those sections, whether in the case of a body corporate there is or was a deficit or surplus on revenue account for a financial year, or the amount of any such deficit or surplus, no account shall be taken of any payment made or to be made under either of those sections.
For the purposes of the application of either of those sections to the Post Office—
each of the branches of the Post Office's undertaking relating respectively to the provision of postal services, to the provision of telecommunication services, to the provision of such services as are mentioned in section 7(1)(b) of the Post Office Act 1969 (banking, giro and related services) and to the provision of data processing services shall be treated as if it were a separate undertaking, and
references in either of those sections to financial loss incurred or to a deficit on revenue account shall, in relation to the Post Office, be construed accordingly.
In this section " the relevant enactment"—
in relation to the Central Electricity Generating Board and to Area Boards within the meaning of the Electricity Act 1947, means section 13 of the Electricity Act 1957;
in relation to the North of Scotland Hydro-Electric Board and to the South of Scotland Electricity Board, means section 10(1) of the Hydro-Electric Development (Scotland) Act 1943;
in relation to the British Gas Corporation, means section 14 of the Gas Act 1972; and
in relation to the Post Office, means section 31(1) of the Post Office Act 1969.
With a view to securing that the borrowing powers of the bodies corporate specified in the first column of Schedule 2 to this Act will extend— the enactments specified in the second column of that Schedule shall have effect subject to the amendments specified in the third column of that Schedule, and any other enactment which applies any of those enactments to any of those bodies corporate shall be construed as applying it as so amended.
to the borrowing of money in a currency other than sterling from any person and in any manner, and
to the borrowing of money in sterling from the Commission of the European Union and from the European Investment Bank,
For the purpose of extending the borrowing powers of development corporations ..., and of making provision consequential upon the extension of those powers, the enactments specified in Schedule 3 to this Act shall have effect subject to the amendments specified in that Schedule.
Any increase in— which is an increase attributable to any of the amendments specified in that Schedule shall be charged on and issued out of the Consolidated Fund or (as the case may be) shall be paid into that Fund.
the sums required by the Treasury for fulfilling guarantees given in respect of money borrowed under any of the enactments specified in Schedule 2 to this Act, or
the sums received by the Treasury in consequence of any such guarantee,
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Except in so far as the context otherwise requires, any reference in this Act to an enactment shall be construed as a reference to that enactment as amended or extended by or under any other enactment.
This Act may be cited as the Statutory Corporations (Financial Provisions) Act 1974.
Section 4. Bodies Corporate A ct Amendment 1.(1)The British Railways Board. The Transport Act 1962 (10 & 11 Eliz. 2. c. 46). In section 19(2), after the word “Minister” there shall be inserted the words “or, with the consent of the Secretary of State and the approval of the Treasury, may borrow (otherwise than by way of temporary loan) in a currency other than sterling from any person, or in sterling from the Commission of the European Union or from the European Investmen t Bank”. (2)The British Transport Docks Board. In section 21(1) the words “subsection (1) of” shall be omitted. (3)The British Waterways Board. (4)The National Bus Company. (5)The Scottish Transport Group. (6) . . . 2.(1)–(3) . . . . . . . . . 3. ... ... ... 4. . . . . . . . . . 5. . . . . . . . . . 6.(1) The British Overseas Airways Corporation. The Air Corporations Act 1967 (1967 c. 33). In section 7(2) (as substituted by paragraph 19 of Schedule 10 to the Civil Aviation Act 1971), after the word “Board” there shall be inserted the words “or, subject to those limits and with the consent of the Secretary of State and the approval of the Treasury, may borrow in sterling from the Commission of the European Union or from the European Investment Ba nk”. (2) The British European Airways Corporation. In section 10(1), in paragraph (a) the word “temporary” shall be omitted ; and in paragraph (c), for the words “any such loan as is mentioned in the last preceding paragraph” there shall be substituted the words “a loan raised by the corporation”. 7. (1)–(2) . . . . . . . . . 8. . . . . . . . . . 9. The Covent Garden Market Authority. The Covent Garden Market Act 1961 (9 & 10 Eliz. 2. c. 49). In section 38, in subsection (2), the words “may borrow by the issue of stock or debentures” shall be omitted, and at the end of that subsection there shall be inserted the words “may borrow from any person by the issue of stock or debentures, or may borrow from any person any sum in a currency other than sterling, or may borrow any sum in sterling from the Commission of the European Union or the European Investmen t Bank”. The Covent Garden Market Act 1966 (1966 c. i). In section 34, at the end of subsection there shall be inserted the words “or the repayment of the principal of, and the payment of interest on, any money borrowed by the Authority (otherwise than by the issue of stock or debentures) under subsection (1) or subsection (2) of section 38 of the Act of 1961”. 10. . . . . . . . . .
In sections 4(1) and 37(1) of the New Towns Act 1965 (which provide that development corporations and the Commission for the New Towns shall not have power to borrow money except by way of Government advances), for the words " by way of advance from the Minister under" there shall be substituted the words " in accordance with sections 42 to 43 of ".
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After section 42 of that Act there shall be inserted the following section:—
In section 43 of that Act, the word " and ", where it occurs at the end of paragraph (b), shall be omitted, and at the end of paragraph (c) there shall be inserted the words and.
After section 44 of that Act there shall be inserted the following section:—
In section 4(1) of the New Towns (Scotland) Act 1968 (which provides that a development corporation shall not have the power to borrow money except by the way of advance from the Secretary of State), for the words “by way of advance from the Secretary of State under” there shall be substituted the words “in accordance with sections 37 and 37A of”.
After section 37 of that Act there shall be inserted the following section:—
After section 38 of that Act there shall be inserted the following section:—