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Housing Associations Act 1985
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Changes over time for: Section 93
Version Superseded: 01/04/2009
Alternative versions:
- 01/02/1991- Amendment
- 01/11/1998- Amendment
- 01/04/2008
Point in time - 01/04/2009- Amendment
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93 Limit on borrowing.E+W+S
(1)The [F1Housing Corporation] has only the borrowing powers conferred by section 92 and those powers are exercisable subject to the following limit.
(2)The aggregate amount outstanding by way of principal of—
(a)advances made to the [F2Housing Corporation] under section 9 of the M1Housing Act 1964 before 18th September 1974 (when that section was repealed),
(b)advances made to housing associations before 1st April 1975 in respect of which the rights and obligations of the Secretary of State were then transferred to the [F2Housing Corporation] by section 34 of the M2Housing Act 1974,
(c)money borrowed by the [F2Housing Corporation] under section 92, and
(d)money borrowed by a subsidiary of the [F2Housing Corporation] otherwise than from the [F2Housing Corporation],
[F5(2A)The limit referred to in subsection (2) is,—
(a)F6. . .£2,000 million or such greater sum not exceeding £3,000 million as the Secretary of State may specify by order made with the consent of the Treasury; F7. . .
F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(3)An order under subsection [F8(2A)] shall be made by statutory instrument and no such order shall be made unless a draft of it has been laid before and approved by the House of Commons.
(4)In ascertaining the limit imposed by subsection [F8(2A)], interest payable on a loan made by the Secretary of State to the [F1Housing Corporation]which, with the approval of the Treasury, is deferred and treated as part of the loan, shall, so far as outstanding, be treated as outstanding by way of principal.
(5)The power of the [F1Housing Corporation]to borrow from a subsidiary of the [F1Housing Corporation] is not affected by subsection (1) and borrowing from such a subsidiary shall be left out of account for the purposes of subsection [F8(2A)].
Textual Amendments
F1Words in s. 93(1)(4)(5) substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 45(2) (with ss. 139(2), 143(2)); S.I. 1998/2244, art. 5
F2Words in s. 93(2) substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 45(3)(a) (with ss. 139(2), 143(2)); S.I. 1998/2244, art. 5
F3Words substituted by Housing Act 1988 (c. 50, SIF 61), s. 59(2)(3)(4), Sch. 6 Pt. III para. 35(1)
F4Word in s. 93(2) substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 45(3)(b) (with ss. 139(2), 143(2)); S.I. 1998/2244, art. 5
F5S. 93(2A) inserted by Housing Act 1988 (c. 50, SIF 61), s. 59(2)(3)(4), Sch. 6 Pt. III para. 35(2)
F6Words in s. 93(2A)(a) repealed (1.11.1998) by 1998 c. 38, ss. 140, 152, Sch. 16 para. 45(4)(a), Sch. 18 Pt. VI (with ss. 137(1), 139(2), 141(1), 143(2)); S.I. 1998/2244, art. 5
F7S. 93(2A)(b) and the word preceding it repealed (1.11.1998) by 1998 c. 38, ss. 140, 152, Sch. 16 para. 45(4)(b), Sch. 18 Pt. VI (with ss. 137(1), 139(2), 141(1), 143(2)); S.I. 1998/2244, art. 5
F8 “2A” substituted by Housing Act 1988 (c. 50, SIF 61), s. 59(2)(3)(4), Sch. 6 Pt. III para. 35(3)
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