C1Part III The Housing Corporation
Corporation’s powers with respect to grants and loans
80 Security for loans to unregistered self-build societies.
1
Where the Corporation—
a
makes a loan to an unregistered self-build society under section 79(1); and
b
under a mortgage or heritable security entered into by the society to secure the loan has an interest as mortgagee or creditor in land belonging to the society,
it may, with the written consent of the Secretary of State, give the society directions with respect to the disposal of the land.
2
The society shall comply with directions so given so long as the Corporation continues to have such an interest in the land.
3
Directions so given may be varied or revoked by subsequent directions given with the like consent.
4
The Secretary of State shall not consent to the Corporation’s giving directions under this section requiring a society to transfer its interest in land to the Corporation, or to any other person, unless he is satisfied that arrangements have been made which will secure that the members of the society receive fair treatment in connection with the transfer.
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.)