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Housing Associations Act 1985

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Changes over time for: Section 83

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Version Superseded: 01/12/2008

Status:

Point in time view as at 01/11/1998. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Housing Associations Act 1985, Section 83. Help about Changes to Legislation

83 Power to guarantee loans.E+W+S

[F1(1)The Relevant Authority may guarantee the repayment of the principal of, and the payment of interest on, sums borrowed by registered social landlords or unregistered self-build societies; and the Housing Corporation may guarantee the repayment of the principal of, and the payment of interest on, sums borrowed by other bodies in which it holds an interest.]

[F2(1A)The consent of the Secretary of State given with the approval of the Treasury is required for the giving of a guarantee by the Housing Corporation and the approval of the Treasury is required for the giving of a guarantee by the Secretary of State.]

(2)Where the Corporation gives such a guarantee, it may impose such terms and conditions as it thinks fit.

(3)The aggregate amount outstanding in respect of—

(a)loans for which [F3the Housing Corporation] has given a guarantee under this section, and

(b)payments made by [F3the Housing Corporation] in meeting an obligation arising by virtue of such a guarantee and not repaid to [F3the Housing Corporation],

shall not exceed £300 million or such greater sum not exceeding £500 million as the Secretary of State may specify by order made with the approval of the Treasury.

[F4(3A)The aggregate amount outstanding in respect of—

(a)loans for which [F5the Secretary of State (or Housing for Wales)] has given a guarantee under this section, and

(b)payments made by [F5the Secretary of State (or Housing for Wales)] in meeting an obligation arising by virtue of such a guarantee and not repaid to [F5the Secretary of State (or Housing for Wales)],

shall not exceed £30 million or such greater sum not exceeding £50 million as the Secretary of State may specify by order made with the approval of the Treasury]

(4)An order under subsection (3) [F6or subsection (3A)] shall be made by statutory instrument and no such order shall be made unless a draft of it has been laid before and approved by the House of Commons.

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