Housing Associations Act 1985

85 Meaning of " recognised body " and " relevant advance "

(1) The expressions " recognised body " and " relevant advance" in section 84 (agreements to indemnify certain lenders) shall be construed in accordance with the following provisions.

(2) A " recognised body " means a body specified, or of a class or description specified, in an order made by statutory instrument by the Secretary of State with the consent of the Treasury.

(3) Before making such an order varying or revoking an order previously made, the Secretary of State shall give an opportunity for representations to be made on behalf of a recognised body which, if the order were made, would cease to be such a body.

(4) A " relevant advance" means an advance made to a person whose interest in the dwelling is or was acquired by virtue of a conveyance of the freehold or an assignment of a long lease, or a grant of a long lease by—

• a local authority,

• a new town corporation,

• an urban development corporation,

• the Development Board for Rural Wales,

• the Corporation, or

• a registered housing association.

(5) In subsection (4) " long lease " has the same meaning as in Part V of the [1985 c. 68.] Housing Act 1985 (the right to buy).