(1)Where a grant to which this section applies, that is to say—
(a)a grant under section 50 or 51 above, or
(b)a grant under section 41 of the 1985 Act or any enactment replaced by that section, or
(c)a grant under section 2(2) of the M1Housing (Scotland) Act 1988,
has been made to a [F1housing association which is a registered social landlord], the powers conferred by subsection (2) below are exercisable in such events (including the association not complying with any conditions) as the Corporation may from time to time determine (in this section referred to as “relevant events”).
(2)The Corporation, acting in accordance with such principles as it may from time to time determine, may—
(a)reduce the amount of, or of any payment in respect of, the grant;
(b)suspend or cancel any instalment of the grant; or
(c)direct the association [F2to apply or appropriate for such purposes as the Corporation may specify, or to pay to the Corporation] an amount equal to the whole, or such proportion as it may specify, of the amount of any payment made to the association in respect of the grant,
and a direction under paragraph (c) above [F3may require the application, appropriation or payment of an amount with interest] in accordance with subsections (7) to (9) below.
(3)Where, after a grant to which this section applies has been made to an association, a relevant event occurs, the association shall notify the Corporation and, if so required by written notice of the Corporation, shall furnish it with such particulars of and information relating to the event as are specified in the notice.
(4)Where a grant to which this section applies (other than one falling within subsection (1)(c) above) has been made to an association, the Chief Land Registrar may furnish the Corporation with such particulars and information as it may reasonably require for the purpose of ascertaining whether a relevant event has occurred; but this subsection shall cease to have effect on the day appointed under section 3(2) of the M2Land Registration Act 1988 for the coming into force of that Act.
(5)Where—
(a)a grant to which this section applies has been made to an association, and
(b)at any time property to which the grant relates becomes vested in, or is leased for a term of years to, or reverts to, some other [F4housing association which is a registered social landlord], or trustees for some other such association,
this section (including this subsection) shall have effect after that time as if the grant, or such proportion of it as is specified or determined under subsection (6) below, had been made to that other association.
(6)The proportion referred to in subsection (5) above is that which, in the circumstances of the particular case,—
(a)the Corporation, acting in accordance with such principles as it may from time to time determine, may specify as being appropriate; or
(b)the Corporation may determine to be appropriate.
(7)A direction under subsection (2)(c) above [F5requiring the application, appropriation or payment of an amount with interest] shall specify, in accordance with subsection (9) below,—
(a)the rate or rates of interest (whether fixed or variable) which is or are applicable;
(b)the date from which interest is payable, being not earlier than the date of the relevant event; and
(c)any provision for suspended or reduced interest which is applicable.
(8)In subsection (7)(c) above—
(a)the reference to a provision for suspended interest is a reference to a provision whereby, if [F6the principle amount is applied, appropriated or paid] before a date specified in the direction, no interest will be payable for any period after the date of the direction; and
(b)the reference to a provision for reduced interest is a reference to a provision whereby, if [F7the principle amount is so applied, appropriated or paid], any interest payable will be payable at a rate or rates lower than the rate or rates which would otherwise be applicable.
(9)The matters specified in a direction as mentioned in paragraphs (a) to (c) of subsection (7) above shall be either—
(a)such as the Corporation, acting in accordance with such principles as it may from time to time determine, may specify as being appropriate, or
(b)such as the Corporation may determine to be appropriate in the particular case.
Extent Information
E1This version of this provision extends to England and Wales only; a separate version has been created for Scotland only
Textual Amendments
F1Words in s. 52(1) substituted (E.W.) (1.10.1996) by S.I. 1996/2325, art. 5(1), Sch. 2 para. 18(6)(a)
F2Words in s. 52(2)(c) substituted (E.W.) (1.10.1996 for specified purposes, otherwise 1.4.1997) by 1996 c. 52, ss. 28(3)(a), 231(4)(b) (with s. 51(4)); S.I. 1996/2402, art. 5; S.I. 1997/618, art. 2 (subject to transitional provisions in Sch.)
F3Words in s. 52(2) substituted (E.W.) (1.10.1996 for specified purposes, otherwise 1.4.1997) by 1996 c. 52, ss. 28(3)(b), 231(4)(b); S.I. 1996/2402, art. 5; S.I. 1997/618, art. 2 (subject to transitional provisions in Sch.)
F4Words in s. 52(5)(b) substituted (E.W.) (1.10.1996) by S.I. 1996/2325, art. 5(1), Sch. 2 para. 18(6)(b)
F5Words in s. 52(7) substituted (E.W.) (1.10.1996 for specified purposes, otherwise 1.4.1997) by 1996 c. 52, ss. 28(3)(c), 231(4)(b) (with s. 51(4)); S.I. 1996/2402, art. 5; S.I. 1997/618, art. 2 (subject to transitional provisions in Sch.)
F6Words in s. 52(8)(a) substituted (E.W.) (1.10.1996 for specified purposes, otherwise 1.4.1997) by 1996 c. 52, ss. 28(3)(d), 231(4)(b) (with s. 51(4)); S.I. 1996/2402, art. 5; S.I. 1997/618, art. 2 (subject to transitional provisions in Sch.)
F7Words in s. 52(8)(b) substituted (E.W.) (1.10.1996 for specified purposes, otherwise 1.4.1997) by 1996 c. 52, ss. 28(3)(e), 231(4)(b) (with s. 51(4)); S.I. 1996/2402, art. 5; S.I. 1997/618, art. 2 (subject to transitional provisions in Sch.)
Modifications etc. (not altering text)
C1S. 52 excluded (E.W.) (1.8.1996 for specified purposes, otherwise 1.4.1997) by 1996 c. 52, ss. 24(7), 231(4)(b) (with s. 51(4)); S.I. 1996/2048, art. 3; S.I. 1997/618, art. 2 (subject to transitional provisions in Sch.)
C2Ss. 50-55 amended (1.4.1997) by 1996 c. 52, ss. 28(6), 251(4)(b) (with s. 51(4)); S.I. 1997/618, art. 2 (subject to transitional provisions and savings in Sch.)
Marginal Citations