(1)A [F1[F2development] corporation’s] base amount for a year of account is, subject to any adjustment under subsection (2), the amount calculated for the preceding year under section 422, that is to say, the amount of the housing subsidy payable to the [F1corporation] for that year or, if none was payable, nil or a negative amount, as the case may be.
(2)If the Secretary of State is of opinion that particular circumstances require it, he may adjust the base amount for amy year by increasing or decreasing it, either generally or in relation to . . . F3 any particular [F4corporation] .
Textual Amendments
F1Words substituted by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 194(1), Sch. 11 para. 79(1)
F2Words in s. 423(1) substituted (1.12.2008) by The Housing and Regeneration Act 2008 (Consequential Provisions) Order 2008 (S.I. 2008/3002), art. 4, Sch. 1 para. 13(2) (with Sch. 2); S.I. 2008/3068, arts. 1(2), 2(1)(b) (with arts. 6-13)
F3Words repealed by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 194(1)(4), Sch. 11 para. 79(2), Sch. 12 Pt. II
F4Word in s. 423(2) substituted (1.12.2008) by The Housing and Regeneration Act 2008 (Consequential Provisions) Order 2008 (S.I. 2008/3002), art. 4, Sch. 1 para. 13(3) (with Sch. 2); S.I. 2008/3068, arts. 1(2), 2(1)(b) (with arts. 6-13)
Modifications etc. (not altering text)
C1Ss. 421–427A: by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 79(3) it is provided that sections 421 to 427A of the Housing Act 1985 (which are superseded, in their application to local housing authorities, by that section 79 and sections 80 and 86 of that 1989 Act) shall cease to apply in relation to such authorities
