5.—(1) A person is an approved person for the purposes of disposals under these Regulations if approved by Housing for Wales under this regulation.
(2) Housing for Wales shall establish criteria to be considered by them in deciding whether to give approval to a person under this regulation.
(3) An approval under this regulation:—
(a)shall only be given to a person making an application for this purpose to Housing for Wales; and
(b)shall apply in relation to all the housing stock of the Board or housing stock of such description as may be specified in the approval; and
(c)may be made subject to such conditions as may be imposed by Housing for Wales.
(4) Housing for Wales may revoke an approval given under this regulation, whether by reason of the failure of the approved person to comply with the conditions imposed in paragraph 5(3)(c) above or where an approved person ceases to meet the criteria which were taken into consideration by Housing for Wales in deciding whether to give approval under this regulation by notice to the approved person; but such revocation shall not affect any disposal completed before the notice is served or completed after such service in pursuance of a contract entered into before such service.
(5) The Board shall take the following steps to alert potential applicants to the terms of this regulation:—
(a)publish once at least in a local newspaper or newspapers circulating in the area in which any housing stock which is subject to the Board’s proposals for disposal is situated a notice stating that such proposals have been made and inviting interested persons to seek approval under this regulation; and
(b)publish a similar notice in the London Gazette; and
(c)take any other steps which the Secretary of State may determine.