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Housing Act 1996

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This is the original version (as it was originally enacted).

6In Part III of the Housing Associations Act 1985 (general provisions relating to the Housing Corporation and Housing for Wales), after section 76 (general power of Secretary of State to give directions to Corporation) insert—

“76ARealisation of value of Corporation’s loans portfolio

(1)The Corporation may, and if so directed by the Secretary of State (under section 76) shall, 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)The arrangements may provide for—

(a)the transfer of any estate or interest of the Corporation, 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 the Corporation or the Secretary of State considers appropriate.

(3)In this section the Corporation’s “loans portfolio” means the Corporation’s rights and obligations in relation to any loans or related securities.

(4)Nothing in the terms of any loan or related transaction entered into by the Corporation shall be construed as impliedly prohibiting or restricting the Corporation from dealing with its loans portfolio in accordance with arrangements under this section.”

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