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| Powers in relation to the Agency. |
41. - (1) The Secretary of State may by order made by statutory instrument-
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(a) make such provision in relation to the functions of the Agency as he thinks fit for the purpose of changing it into a body whose only purpose is to hold, manage and dispose of property, |
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(b) make provision changing the name by which the Agency is to be known, |
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(c) make provision terminating the exercise by the Agency of any of its functions, |
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(d) make provision extinguishing any liability of the Agency in respect of money lent or advanced to it at any time by the Secretary of State, |
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(e) make provision for winding up the Agency's affairs, and |
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(f) make provision for the dissolution of the Agency. |
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(2) No provision may be made under subsection (1)(d) without the consent of the Treasury.
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(3) An order under this section may contain such supplementary, incidental, consequential or transitional provisions as the Secretary of State thinks fit, including provision for the transfer of any of the Agency's property, rights and liabilities (including rights and liabilities under the contracts of employment of its staff).
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(4) An order under this section may, in connection with the transfer of property, rights or liabilities of the Agency, contain provision establishing a new body corporate, or enabling an existing body corporate established under any enactment, to receive property, rights or liabilities transferred.
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(5) The provision which may be made by an order under this section for the transfer of property, rights or liabilities of the Agency includes provision for the preparation of a scheme and for transfer in accordance with it.
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(6) The provision which may be made by an order under this section includes provision amending, repealing or otherwise modifying any enactment.
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(7) No order under this section shall be made unless a draft of it has been laid before and approved by resolution of each House of Parliament.
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(8) Any sums arising out of the transfer of property, or out of property transferred, to a Minister of the Crown by an order under this section shall be paid into the Consolidated Fund.
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(9) If an order under this section makes provision under subsection (1)(d), the assets of the National Loans Fund shall be reduced by the aggregate amount by which the liabilities of the Agency are thereby reduced.
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(10) In this section-
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"the Agency" means the Urban Regeneration Agency; |
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"enactment" includes any instrument made under any enactment. |
