2(1)Contributions by the Secretary of State to a housing authority remain payable under section 18 or 19 of the M1Housing Act 1969 (improvement contributions or standard contributions payable over a period of 20 years for dwellings converted or improved by the authority) in pursuance of applications approved before 2nd December 1974.E+W
(2)The contributions are payable at such times and in such manner as the Treasury may direct, and subject to such conditions as to records, certificates, audit or otherwise as the Secretary of State may, with the approval of the Treasury, impose.
(3)No contribution is payable under this paragraph in respect of a dwelling within a local housing authority’s Housing Revenue Account or a new town corporation’s housing account.
(4)The amount or duration of any contribution payable under this paragraph to which section 25(2) of the M2Housing (Financial Provisions) Act 1958 Act applied immediately before the commencement of this Act (payments arising out of the exercise of housing powers by county councils) may be reduced by the Secretary of State at his discretion.