C1Part III The Housing Corporation
The F3Relevant Authority’sfinances
Words in Pt. III (ss. 74-102) substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 28(b) (with ss. 139(2), 143(2)); S.I. 1998/2244, art. 5
96 General financial provisions.
1
The F1Housing Corporation may turn its resources to account so far as they are not required for the exercise of its functions.
2
If for an accounting year the revenues of the F1Housing Corporation exceed the total sums properly chargeable to revenue account, the F1Housing Corporationshall apply the excess in such manner as the Secretary of State may, after consultation with the F1Housing Corporation, direct; and the Secretary of State may direct that the whole or part of the excess be paid to him.
3
The Secretary of State may give directions to the F1Housing Corporation as to matters relating to—
a
the establishment or management of reserves,
b
the carrying of sums to the credit of reserves, or
c
the application of reserves for the purposes of the F2Housing Corporation’sfunctions.
4
The Secretary of State may, after consultation with the F1Housing Corporation, direct the F1Housing Corporation to pay to him the whole or part of any sums for the time being standing to the credit of reserves of the F1Housing Corporation or being of a capital nature and not required for the exercise of the F2Housing Corporation’s functions.
5
The Secretary of State may act under this section only with the approval of the Treasury.
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.)