(1)Subject to subsection (2) below, Scottish Homes may enter into arrangements of a description approved by the Secretary of State for the purpose of realising the value of the whole or part of its loans portfolio.
(2)Without prejudice to the power of the Secretary of State to give directions under section 2(10) above, the Secretary of State may direct Scottish Homes to enter into arrangements under this section and it shall be the duty of Scottish Homes to comply with any such direction.
(3)The arrangements may provide for—
(a)the transfer of any estate or interest of Scottish Homes, or
(b)the creation or disposal of economic interests not involving a transfer of an estate or interest,
and may extend to such incidental or ancillary matters as Scottish Homes or the Secretary of State considers appropriate.
(4)In this section, Scottish Homes’ “loans portfolio” means Scottish Homes’ rights and obligations in relation to any loans or related securities.
(5)Nothing in the terms of any loan or related transaction entered into by Scottish Homes shall be construed as impliedly prohibiting or restricting it from dealing with its loans portfolio in accordance with arrangements under this section.
(6)A direction given under subsection (2) above may be varied or revoked by a subsequent direction given by the Secretary of State.]
Textual Amendments
F1S. 2A inserted (1.8.1996) by 1996 c. 52, s. 55, Sch. 3 para. 9 (with s. 51(4)); S.I. 1996/2048, art. 2