96 General financial provisions.E+W+S
[F1(1)The [F2Housing 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 [F2Housing Corporation] exceed the total sums properly chargeable to revenue account, the [F2Housing Corporation]shall apply the excess in such manner as the Secretary of State may, after consultation with the [F2Housing 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 [F2Housing 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 [F3Housing Corporation’s]functions.
(4)The Secretary of State may, after consultation with the [F2Housing Corporation], direct the [F2Housing Corporation] to pay to him the whole or part of any sums for the time being standing to the credit of reserves of the [F2Housing Corporation] or being of a capital nature and not required for the exercise of the [F3Housing Corporation’s] functions.
(5)The Secretary of State may act under this section only with the approval of the Treasury.]
Textual Amendments
F1Ss. 91-100 repealed (E.W.) (1.4.2009) by The Housing Corporation (Dissolution) Order 2009 (S.I. 2009/484), art. 1(3), Sch. 1 para. 11, Sch. 2 (with Sch. 1 para. 12)
F2Words in s. 96(1)-(4) substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para.48(2) (with ss. 139(2), 143(2)); S.I. 1998/2244, art. 5
F3Words in s. 96(3)(4) substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 48(3) (with ss. 139(2), 143(2)); S.I. 1998/2244, art. 5