Housing Associations Act 1985

80 Security for loans to unregistered self-build societies.E+W+S

(1)Where the [F1Relevant 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 F2. . . 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 [F1Relevant Authority] continues to have such an interest in the land.

(3)Directions so given may be varied or revoked by subsequent directions F3. . ..

[F4(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 [F5give 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.

Textual Amendments

F1Words in Pt. III (ss. 74-102) substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 28(a) (with ss. 139(2), 143(2)); S.I. 1998/2244, art. 5

F4S. 80(3A) inserted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 36(4) (with ss. 139(2), 143(2)); S.I. 1998/2244, art. 5

F5Words in s. 80(5) substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 36(5) (with ss. 139(2), 143(2)); S.I. 1998/2244, art. 5