C1Part III The Housing Corporation
Acquisition of securities and control of subsidiaries
98 Acquisition of securities and promotion of body corporate.
1
The F1Housing Corporation may with the consent of the Secretary of State—
a
subscribe for or acquire securities of a body corporate, and
b
promote or participate in the promotion of a body corporate.
2
In the section “securities” means shares, stock, debenture stock and other securities of a like nature.
99 Control of subsidiaries.
1
The F2Housing Corporation shall exercise its control over its subsidiaries so as to secure that no subsidiary—
a
engages in an activity which the F2Housing Corporation is not empowered to carry on, or
b
engages in an activity in a manner in which the F2Housing Corporation itself could not engage by reason of a direction given to it under section 76 (directions by Secretary of State).
2
The F2Housing Corporation shall also exercise its control over its subsidiaries so as to secure that no subsidiary of its—
a
borrows money from a person other than the F2Housing Corporation, or
b
raises money by the issue of shares or stock to a person other than the F2Housing Corporation,
without the consent of the Secretary of State.
Pt. III (ss. 74-102) excluded (E.W.) (1.10.1996) by 1996 c. 52, s. 7, Sch. 1 para. 15(6); S.I. 1996/2402, art. 3 (subject to transitional provisions and savings in Sch.)