The New Towns (Suspension of Loan Repayment) Order 1986

• Citation: S.I. 1986/1436
• Sections: 4

Section 1

(1) This order may be cited as the New Towns (Suspension of Loan Repayment) Order 1986 and shall come into operation on 12th September 1986.

(2) In this order “ the relevant loans ” means the new town development loans made to the Aycliffe and Peterlee Development Corporation, the former Peterlee Development Corporation , the Cwmbran Development Corporation and the Washington Development Corporation, which are described in Schedules 1 and 2 to this order.

Section 2

The relevant loans are hereby specified as loans the repayment of which to the Secretary of State is to be suspended by virtue of section 62B of the New Towns Act 1981 for the period specified in article 3 of this order.

Section 3

The period of suspension is hereby specified as:—

(a) in relation to the loans described in Schedule 1 to this order, the period beginning with 12th September 1986 and ending with 31st March 1988; and

(b) in relation to the loans described in Schedule 2 to this order, the period beginning with 1st October 1986 and ending with 31st March 1988.

Section 4

The Secretary of State may by directions under this order impose obligations on the Aycliffe and Peterlee Development Corporation, the Cwmbran Development Corporation and the Washington Development Corporation for the purposes of section 62B(3)(c) as regards the achieving of financial objectives, the obtaining of his approval for proposed expenditure and the provision of information about their present or future financial position.