25 Application or appropriation of disposal proceeds.E+W
(1)The sums standing in the disposal proceeds account of a registered social landlord (“disposal proceeds”) may only be applied or appropriated by it for such purposes and in such manner as the [F1Relevant Authority] may determine.
(2)If any disposal proceeds are not applied or appropriated as mentioned in subsection (1) within such time as is specified by determination of the [F1Relevant Authority], the [F1Relevant Authority] may direct that the whole or part of them shall be paid to it.
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.
Modifications etc. (not altering text)
C1S. 25 extended (16.9.1996) by S.I. 1996/2402, art. 3, Sch. para. 1
Commencement Information
I1S. 25 wholly in force 1.4.1997: s. 25 not in force at Royal Assent, see s. 232(1)-(3); s. 25 in force for certain purposes at 1.10.1996 by S.I. 1996/2402, art. 4 and s. 25 in force at 1.4.1997 to the extent it is not already in force by S.I. 1997/618, art. 2