(1) A local authority to whom this section applies shall, on being authorised to do so by the Secretary of State, have power to acquire compulsorily any land in their area . . .—
[(a) if the authority think that the acquisition will facilitate the carrying out of development, re-development or improvement on or in relation to the land,] or
(b) [which] is required for a purpose which it is necessary to achieve in the interests of the proper planning of an area in which the land is situated.
[(1A) But a local authority must not exercise the power under paragraph (a) of subsection (1) unless they think that the development, re-development or improvement is likely to contribute to the achievement of any one or more of the following objects—
(a) the promotion or improvement of the economic well-being of their area;
(b) the promotion or improvement of the social well-being of their area;
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