OpenLegislation

Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

Paragraph 8 of Schedule 31 to the Local Government, Planning and Land Act 1980, as amended by section 12 of the New Towns and Urban Development Corporations Act 1985, places a financial limit on all urban development corporations established under that Act. Paragraph 8(1) limits the maximum aggregate amount of money to be borrowed by, and paid to or in respect of, all such corporations to £600 million or such greater sum, not exceeding £800 million, as the Secretary of State may specify. This order increases the maximum aggregate amount from £600 million to £800 million.