24 The disposal proceeds fund.E+W
(1)A registered social landlord shall show separately in its accounts for any period ending after the coming into force of this section its net disposal proceeds.
(2)The net disposal proceeds of a registered social landlord are—
(a)the net proceeds of sale received by it in respect of any disposal of land to a tenant—
(i)in pursuance of the right conferred by section 16 (right of tenant to acquire dwelling), or
(ii)in respect of which a grant was made under section 21 (purchase grant in respect of other disposals);
(b)payments of grant received by it under section 20 or 21 (purchase grant);
(c)where any such grant has been paid to it, any repayments of discount in respect of which the grant was given; and
(d)such other proceeds of sale or payments of grant (if any) as the [F1Relevant Authority] may from time to time determine.
(3)The net proceeds of sale means the proceeds of sale less an amount calculated in accordance with a determination by the [F1Relevant Authority].
(4)The disposal proceeds shall be shown in a fund to be known as a disposal proceeds fund.
(5)The method of constituting the fund and showing it in the landlord’s accounts shall be as required by determination of the [F1Relevant Authority] under paragraph 16 of Schedule 1 (general requirements as to accounts).
(6)Interest shall be added to the fund in accordance with a determination made by the [F1Relevant Authority].
(7)Where this section applies in relation to the proceeds of sale arising on a disposal, section 27 below (recovery, &c. of social housing grants) and section 52 of the M1Housing Act 1988 (recovery, &c. of grants under that Act and earlier enactments) do not apply.
Textual Amendments
F1Words in Pt. I substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 82(1)(2) (with ss. 139(2), 141(1), 143(2)); S.I. 1998/2244, art.5.
Commencement Information
I1S. 24 wholly in force 1.4.1997; s. 24 not in force at Royal Assent see s. 232(3); s.24 in force for certain purposes at 1.8.1996 by S.I. 1996/2048, art. 3 and s. 24 in force at 1.4.1997 to the extent it is not already in force by S.I. 1997/618, art. 2
Marginal Citations