New Towns Act 1981 s 41

s 41 Transfer of property ... and dissolution of corporation.

(1) Where, after consultation with the council of every county and of every district in which the whole or any part of the area of a new town is situated, the appropriate national authority is satisfied that the purposes for which the development corporation is established under this Act have been substantially achieved, the authority shall by order direct— (a) that on such date as may be specified in the order the property of the corporation (other than property excepted under the following provisions of this Act) shall vest in the relevant transferee , and the corporation shall cease to act except for the purpose of taking such steps (if any) as may be authorised or required by the order to dispose of any property so excepted, to prepare its final accounts and report, or otherwise to wind up its affairs; and (b) that on that date or such later date as may be fixed by or under the order, the corporation shall be dissolved. (1A) Subsection (1) above shall have effect in the case of a development corporation established by the Welsh Ministers as if for “and of every district” there were substituted “or county borough”. (2) With respect to the transfer to the relevant transferee by an order under this section of the property of a development corporation and with respect to matters arising out of the transfer or out of the dissolution of the corporation— (a) Schedule 10 to this Act has effect; and (b) the appropriate national authority may by order under this section make such further incidental or supplementary provisions as appear to the authority to be necessary or expedient in relation to any such matter. (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) Where by virtue of an order under section 6 above a development corporation discharges functions in relation to more than one new town, the appropriate national authority may make an order under subsection (1) above in relation— (a) to that corporation, and (b) to any of those towns without the other or others, as if the corporation were not concerned with the other or others, but without providing for the dissolution of the corporation. (5) In the case of any such order, Schedule 10 shall apply subject to such modifications as may be provided by the order for the purpose in particular of determining what part of the corporation’s property, rights, liabilities and obligations is to be transferred to the relevant transferee .