Part 8: Development Corporations Finance Section 179: Removal of limits on borrowing of urban development corporations and new town development corporations Effect
Subsection (1) and (2) amends paragraph 8 of Schedule 31 to the Local Government, Planning and Land Act 1980 and section 60 of the New Towns Act 1981. This has the effect of removing the financial and borrowing limits for Urban Development Corporations and New Town Development Corporations, in England, for money borrowed after the commencement of this section. This ensures that development corporations can borrow sufficient funds in line with the current economy on a case-by-case basis.