Section 66 Payments under ss. 63 and 65 treated as repayments.C1

England and Wales

(1)

The whole or part of any payment made to the Secretary of State under section 63 or section 65 above shall, if the Secretary of State with the Treasury’s approval so determines, be treated—

F1(a)

as made by way of repayment of such part of the principal of advances under section 58(1) above, and

(b)

as made in respect of the repayments due at such times, as may be so determined.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(2)

Any sum treated under subsection (1) as a repayment of a loan shall be paid by the Secretary of State into the National Loans Fund.

Annotations

Textual amendments

F1: S. 66(1)(a) substituted (1.4.2009) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 5 para. 19; S.I. 2009/803, art. 3(1)
F2: Words repealed by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(2), Sch. 4

Modifications

C1: S. 66 excluded (S.) by New Towns and Urban Development Corporations Act 1985 (c. 5, SIF 123:3, 4), s. 14(1), Sch. 3 para. 9