2(1)The Corporation may, with the consent in writing of the Secretary of State, give the association directions with respect to the disposal of land belonging to the association in which the Corporation has an interest as mortgagee under a mortgage, or as creditor in a heritable security, entered into by the association to secure the loan.
(2)Directions so given may be varied or revoked by subsequent directions given with the like consent.
3Where the Corporation proposes to give a housing association directions under paragraph 2 requiring the association to transfer to the Corporation the association’s interest in any land, the Secretary of State shall not consent to the giving of the directions unless he at the same time approves, or has previously approved, a scheme under paragraph 5 with respect to that land.
4Where the Corporation proposes to give directions under paragraph 2 to an association whose rules restrict membership to persons entitled or prospectively entitled (whether as tenants or otherwise) to occupy a dwelling provided or managed by the association requiring the association to transfer its interest in any such land to the Corporation, or to any other person, the Secretary of State shall not consent to the giving of the directions unless he is satisfied that arrangements have been made which, if the directions are given, will secure that the members of the association receive fair treatment in connection with the transfer.