Sections 211 to 214: Other functions
435.Section 211 provides that if street works in a mayoral development corporation’s area are needed and involve a private street, the mayoral development corporation can serve an adoption notice on the street works authority – making the street (or part of it) a highway maintainable at public expense. The authority may appeal against a notice and ask the Secretary of State to decide how to proceed.
436.Section 212 provides that a mayoral development corporation may carry on any business and, if the Mayor agrees, set up or take a stake in bodies corporate. Mayoral development corporation subsidiaries cannot take part in activities which mayoral development corporations themselves cannot. A subsidiary of a mayoral development corporation cannot borrow from, or raise money by issuing shares or stock to, a person other than the mayoral development corporation without the Mayor’s approval.
437.Section 213 provides that with the Mayor’s consent, a mayoral development corporation can give financial assistance to any person and in any form.
438.Section 214 provides that the Mayor may decide, subject to prior consultation, that the power to grant discretionary relief from business rates should be transferred from the relevant local authorities to a mayoral development corporation.
