Housing Act 1974

10 Miscellaneous financial provisions

(1) With the consent of the Secretary of State, given with the approval of the Treasury, the Corporation may guarantee the repayment of the principal of and the payment of interest on any sums borrowed (otherwise than from the Corporation)—

(a) by registered housing associations,

(b) by unregistered self-build societies, and

(c) by other bodies in which the Corporation hold an interest,

and in any case where the Corporation give a guarantee under this subsection they may impose such terms and conditions as they think fit.

(2) The aggregate amount outstanding in respect of—

(a) loans for which the Corporation have given a guarantee under subsection (1) above, and

(b) any payments which have been made by the Corporation in meeting any obligation arising by virtue of such a guarantee and have not been repaid to the Corporation,

shall not exceed £100 million.

(3) The Corporation may turn their resources to account so far as they are not required for the exercise of the Corporation's functions.

(4) Any excess of the revenues of the Corporation for any accounting year over the total sums properly chargeable to revenue account for that year shall be applied by the Corporation in such manner as the Secretary of State may, after consultation with the Corporation and with the approval of the Treasury, direct; and such a direction may require the whole or part of the excess to be paid to the Secretary of State.

(5) The Secretary of State may, with the approval of the Treasury, give to the Corporation directions as to any matter relating to the establishment or management of reserves or the carrying of sums to the credit of any reserves or the application of any reserves for the purposes of the Corporation's functions.

(6) The Secretary of State may, with the approval of the Treasury and after consultation with the Corporation, direct the Corporation to pay to the Secretary of State the whole or part of any sums for the time being standing to the credit of any reserves of the Corporation or being of a capital nature and not required for the exercise of the Corporation's functions.