Part 1The Homes and Communities Agency
Chapter 3Financial provision
Other
I125Directions as to surplus funds
1
Subsection (2) applies if the Secretary of State considers that the HCA or any subsidiary of the HCA has a surplus, whether on capital or on revenue account, after making allowance by way of transfer to reserve or otherwise for its future requirements.
2
The Secretary of State may give a direction to the HCA to pay to the Secretary of State such sum not exceeding the amount of the surplus as may be specified in the direction.
3
The Secretary of State must consult the HCA before coming to a decision of the kind mentioned in subsection (1) or giving a direction as mentioned in subsection (2).
4
The Secretary of State may decide to treat the whole or part of any payment under subsection (2) as made—
a
by way of repayment of such part of the principal of loans under section 21(1), and
b
in respect of the repayments due at such times,
as the Secretary of State may decide.