80 Security for loans to unregistered self-build societies.E+W+S
(1)Where the [Relevant Authority]—
(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 . . . 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 [Relevant Authority] continues to have such an interest in the land.
(3)Directions so given may be varied or revoked by subsequent directions . . ..
[(3A)The written consent of the Secretary of State is required for the giving, varying or revoking of directions by the Housing Corporation.]
(4)The Secretary of State shall not [give directions under this section requiring a society to transfer its interest in land to him or any other person, and shall not consent to the Housing Corporation’s giving such directions requiring a society to transfer its interest in land to the Housing Corporation or] 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.