PART XIVLOANS FOR ACQUISITION OR IMPROVMEENT OF HOUSING
Local authority assistance in connection with mortgages
444Recognised bodies and relevant advances for purposes of ss. 442 and 443.
1
The expression “recognised body” in sections 442 and 443 (agreements to indemnify mortgagees and contributions to mortgage costs) means a body specified, or of a class or description specified, by order of the Secretary of State made with the consent of the Treasury.
2
An order shall be made by statutory instrument.
3
Before making an order varying or revoking a previous order the Secretary of State shall give an opportunity for representations to be made on behalf of a body which, if the order were made, would cease to be a recognised body.
4
The expression “relevant advance” in those sections means an advance made to a person whose interest in the house on the security of which the advance is made is, or was, acquired by virtue of a conveyance of the freehold, or a grant or assignment of a long lease, by—
a local authority,
a new town corporation,
an urban development corporation,
the Development Board for Rural Wales,
the Housing Corporation, or
a registered housing association.