Section 59 Other borrowing powers of development corporations ....F6C1
England and Wales
A development corporation F1... may borrow temporarily, by way of overdraft or otherwise, either—
in sterling from the Secretary of State, or
with the Secretary of State’s consent and the Treasury’s approval, or in accordance with any general authority given by the Secretary of State with the Treasury’s approval, in any currency from any other person.
such sums as the development corporation F2may require for meeting its obligations or performing its functions.
With the consent of the Secretary of State and the Treasury’s approval, a development corporation F3... may borrow, otherwise than by way of temporary loan—
in any currency from the Commission of F4the European Union or from the European Investment Bank, or
in any currency other than sterling from any person, other than the Secretary of State and the bodies mentioned in the preceding paragraph,
such sums as F5it may require for enabling it to meet expenditure properly chargeable to capital account (including the provision of working capital), or to make good to revenue account sums applied in meeting liabilities so chargeable.
Annotations
Textual amendments
- F1
Words in s. 59(1) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(3)(a), Sch. 16; S.I. 2009/803, arts. 3(1), 10
- F2
Words in s. 59(1) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(3)(b); S.I. 2009/803, art. 3(1)
- F3
Words in s. 59(2) repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(4)(a), Sch. 16; S.I. 2009/803, arts. 3(1), 10
- F4
Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 3, 4 (with art. 3(2)(3)4(2)6(4)6(5))
- F5
Words in s. 59(2) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(4)(b); S.I. 2009/803, art. 3(1)
- F6
Words in s. 59 heading repealed (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 12(2), Sch. 16; S.I. 2009/803, arts. 3(1), 10
Modifications
- C1
S. 59 functions made exercisable (E.) (24.7.2018) by The New Towns Act 1981 (Local Authority Oversight) Regulations 2018 (S.I. 2018/891), regs. 1, 3(1) (with reg. 3(2))