Regional Development Agencies Act 1998 Part I Regional development agencies Development agencies Establishment. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Constitution. 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Status. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Activities Purposes. 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Powers. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delegation of functions by Ministers. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delegation of functions to the Mayor of London and the London Development Agency. 6A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Regional strategy 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The London Development Agency strategy. 7A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Secretary of State’s functions in relation to the London Development Agency strategy. 7B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Regional consultation. 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial arrangements General financial duties. 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Government grants. 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Borrowing. 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Government guarantees of an agency’s borrowing. 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Government loans. 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounts and records. 14 1 A regional development agency shall— a keep proper accounts and proper accounting records, and b prepare in respect of each accounting period a statement of accounts giving a true and fair view of the state of affairs and the income and expenditure of the agency. 2 Every statement of accounts prepared under subsection (1) shall comply with any requirement which the Secretary of State has, with the consent of the Treasury, notified in writing to the agency and which relates to any of the following matters, namely— a the information to be contained in the statement, b the manner in which that information is to be presented, or c the methods and principles according to which the statement is to be prepared. 3 Subject to subsections (4) and (5), “ accounting period ”, in relation to a regional development agency, means a period beginning with 1st April and ending with the next 31st March. 4 The Secretary of State may, in relation to an accounting period of a regional development agency, direct that the period shall end with such date other than the next 31st March as may be specified in the direction. 5 Where the Secretary of State has given a direction under subsection (4), the following accounting period of the agency to which the direction was given shall begin with the day after the date specified in the direction and, subject to any further direction under subsection (4), shall end with the next 31st March. 6 In this section, “ accounting records ”, in relation to a regional development agency, includes all books, papers and other records of the agency relating to, or to matters dealt with in, the accounts required to be kept by this section. 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Audit. 15 1 The accounts of a regional development agency for each accounting period shall be audited by the Comptroller and Auditor General. 2 A copy of— a any accounts of a regional development agency which are audited under subsection (1), and b the report made on those accounts by the Comptroller and Auditor General, shall be sent to the Secretary of State as soon as reasonably practicable after the report is received by the agency; and the Secretary of State shall lay before each House of Parliament a copy of those accounts and that report. 3 In this section— “ accounting period ” and “ accounting records ” have the same meanings as in section 14; and references to accounts, in relation to a regional development agency, include any statement prepared by it under that section. 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Information, reports and accountability Provision of information etc. to the Secretary of State. 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual report. 17 1 As soon as reasonably practicable after the end of each accounting period, a regional development agency shall prepare a report on its activities during that period and shall send a copy of that report to the Secretary of State. 2 A report under this section shall— a be in such form and contain such information as the Secretary of State may specify by directions to the agency, and b set out any other directions given to the agency under this Part during the period to which the report relates. 3 Following receipt of a report under this section, the Secretary of State shall lay a copy of it before each House of Parliament and arrange for copies of it to be published in such manner as he considers appropriate. 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 In this section, “ accounting period ” has the same meaning as in section 14. Regional accountability. 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vesting and acquisition of land Vesting of land by order. 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Acquisition of land. 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rights of entry. 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Offences in relation to rights of entry. 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Supplementary provisions. 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous and supplementary Connection of private streets to highway. 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Power to alter regions. 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Change of name of agency. 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Power to promote or oppose Bills in Parliament. 26A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General power to give guidance and directions. 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Guidance: supplementary. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consents of Secretary of State. 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Validity of transactions. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Application of guidance, consent etc. provisions to the Mayor of London. 30A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notices. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minor amendments. 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interpretation of Part I. 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part II Existing bodies The Development Commission Transfer of property, rights and liabilities to agencies. 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Powers in relation to the Commission. 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... Transfer of property, rights and liabilities to agencies. 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Powers in relation to the Agency. 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part III General Corporation tax. 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stamp duty. 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stamp duty land tax 39A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Directions: supplementary. 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General interpretation. 41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expenses. 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commencement. 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Extent. 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short title. 45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .