PART IIIThe Housing Corporation
Acquisition of securities and control of subsidiaries
98Acquisition of securities and promotion of body corporate
1
The 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 this section " securities " means shares, stock, debenture stock and other securities of a like nature.
99Control of subsidiaries
1
The Corporation shall exercise its control over its subsidiaries so as to secure that no subsidiary—
a
engages in an activity which the Corporation is not empowered to carry on, or
b
engages in an activity in a manner in which the Corporation itself could not engage by reason of a direction given to it under section 76 (directions by Secretary of State).
2
The 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 Corporation, or
b
raises money by the issue of shares or stock to a person other than the Corporation,
without the consent of the Secretary of State.