Paragraph 17

The assets and liabilities, immediately before the day on which this Schedule comes into force, of the development fund established under section 2 of the Development and Road Improvement Funds Act 1909 shall on that day become assets and liabilities of the Commission.

The reference in sub-paragraph (1) above to the assets of the development fund includes a reference to any right of the Secretary of State under the terms of an advance made under Part I of the M1Development and Road Improvement Funds Act 1909; and accordingly, so far as may be necessary for giving effect to this paragraph, any reference in those terms to the Secretary of State shall be construed as a reference to the Commission.

The reference in sub-paragraph (1) above to the liabilities of the development fund is a reference to liabilities falling to be discharged by payments out of the development fund.

The Secretary of State may with the approval of the Treasury give the Commission directions as to the application of any sums received by the Commission by virtue of this paragraph, and the Commission shall comply with any such directions.