Housing and Regeneration Act 2008

Money

99 Remuneration

(1) The regulator may pay to or in respect of appointed members—

(a) remuneration,

(b) travelling and other allowances, and

(c) sums by way of or in respect of pensions and gratuities.

(2) The Secretary of State shall determine rates and eligibility criteria for payments under subsection (1).

(3) If the Secretary of State thinks there are special circumstances that make it right to compensate a person on ceasing to be an appointed member, the regulator may pay compensation determined by the Secretary of State.

(4) The regulator may pay to or in respect of employees —

(a) remuneration,

(b) travelling and other allowances, and

(c) sums by way of or in respect of pensions and gratuities.

(5) In this section a reference to a member or employee includes a reference to a former member or employee.

100 Charging

The regulator may charge for giving advice, conducting research or providing other services.

101 Assistance by Secretary of State

(1) The Secretary of State may make payments to the regulator by way of grant or loan.

(2) A grant or loan may be subject to conditions (which may include provision for repayment, with or without interest).

102 Borrowing

(1) The regulator may borrow—

(a) by way of overdraft or otherwise, for the purpose of what it considers to be short-term management of its finances, or

(b) from the Secretary of State.

(2) The regulator may not borrow otherwise.

103 Accounts

(1) The regulator shall keep accounts (and records of its accounts).

(2) As soon as is reasonably practicable after the end of each financial year the regulator shall prepare a statement of accounts in respect of that financial year.

(3) The statement must be in such form as the Secretary of State may direct.

(4) The regulator shall, within such period as the Secretary of State may direct, send a copy of the statement to—

(a) the Secretary of State, and

(b) the Comptroller and Auditor General.

(5) The Comptroller and Auditor General shall—

(a) examine, certify and report on the statement, and

(b) lay a copy of the report before Parliament.

104 Financial year

(1) The regulator’s financial year is each period of 12 months beginning with 1st April.

(2) But the first financial year is the period—

(a) beginning with the day on which section 81 comes into force, and

(b) ending with the next 31st March.