32Power to direct transfer of land to another housing association or the Housing Corporation
(1)Where, as the result of an inquiry under section 28 or an audit under section 29. the Housing Corporation is satisfied as regards a registered housing association which is a society registered under the 1965 Act—
(a)that there has been misconduct or mismanagement in the administration of the association, or
(b)that the management of the land belonging to the association would be improved if the land belonging to the association were transferred in accordance with the provisions of this section,
the Corporation may, with the consent of the Secretary of State, direct the association to make such a transfer.
(2)Where the association concerned is a charity, the Housing Corporation may only direct a transfer to be made to another registered housing association—
(a)which is also a charity, and
(b)the objects of which appear to the Corporation to be, as nearly as practicable, akin to those of the association concerned.
(3)In any other case the Corporation may direct a transfer to be made to the Corporation or to another registered housing association.
(4)A transfer in pursuance of a direction under this section shall be made on the terms that the transferee will pay or undertake to pay to the association concerned such sum (if any) as will be necessary to defray all its proper debts and liabilities (including debts and liabilities secured on the land) after taking into account any money or other assets belonging to the association.
(5)If it appears to the Corporation likely that the association concerned will as a result of the transfer be dissolved under the 1965 Act, the Corporation shall secure that the costs of the dissolution are taken into account in determining the sum payable to the association under subsection (4).