Certain transfers to require Department's approvalN.I.
88B.—(1) The Executive shall not, in the following circumstances, dispose of its interest as mortgagee of land, without the approval of the Department.
(2) The circumstances are that, under the terms of the disposal or of any arrangement entered into in connection with the disposal—
(a)any benefits or burdens of the mortgagee are retained by, or transferred to, the Executive, or
(b)the transferee can call on the Executive to re‐acquire any interest transferred or to redeem the mortgage, or
(c)the consideration for the transfer is other than a cash sum determined at the date of the transfer, or
(d)the transfer is carried out in consideration of some other transaction or the Executive may be required to enter into an agreement with a third party.
(3) The Department may by regulations amend paragraph (2) or provide for other circumstances in which the disposal by the Executive of its interest as mortgagee of land requires the approval of the Department.