(1)A registered social landlord shall show separately in its accounts for any period ending after the coming into force of this section its net disposal proceeds.
(2)The net disposal proceeds of a registered social landlord are—
(a)the net proceeds of sale received by it in respect of any disposal of land to a tenant—
(i)in pursuance of the right conferred by section 16 (right of tenant to acquire dwelling), or
(ii)in respect of which a grant was made under section 21 (purchase grant in respect of other disposals);
(b)payments of grant received by it under section 20 or 21 (purchase grant);
(c)where any such grant has been paid to it, any repayments of discount in respect of which the grant was given; and
(d)such other proceeds of sale or payments of grant (if any) as the Corporation may from time to time determine.
(3)The net proceeds of sale means the proceeds of sale less an amount calculated in accordance with a determination by the Corporation.
(4)The disposal proceeds shall be shown in a fund to be known as a disposal proceeds fund.
(5)The method of constituting the fund and showing it in the landlord’s accounts shall be as required by determination of the Corporation under paragraph 16 of Schedule 1 (general requirements as to accounts).
(6)Interest shall be added to the fund in accordance with a determination made by the Corporation.
(7)Where this section applies in relation to the proceeds of sale arising on a disposal, section 27 below (recovery, &c. of social housing grants) and section 52 of the [1988 c. 50.] Housing Act 1988 (recovery, &c. of grants under that Act and earlier enactments) do not apply.
(1)The sums standing in the disposal proceeds account of a registered social landlord (“disposal proceeds”) may only be applied or appropriated by it for such purposes and in such manner as the Corporation may determine.
(2)If any disposal proceeds are not applied or appropriated as mentioned in subsection (1) within such time as is specified by determination of the Corporation, the Corporation may direct that the whole or part of them shall be paid to it.
(1)The Corporation may give notice—
(a)to all registered social landlords,
(b)to registered social landlords of a particular description, or
(c)to particular registered social landlords,
requiring them to furnish it with such information as it may reasonably require in connection with the exercise of its functions under sections 24 and 25 (treatment of disposal proceeds).
(2)A notice under subsection (1)(a) or (b) may be given by publication in such manner as the Corporation considers appropriate for bringing it to the attention of the landlords concerned.