(1)If, in the case of any housing society, it appears to the Corporation—
(a)that the society is experiencing difficulty in providing housing accommodation on any land which it has acquired or in managing housing accommodation provided by it on any land, or is in any way failing to perform its functions as a housing society in relation to any land, and that accordingly it is undesirable for the land in question to remain in the hands of the society; and
(b)that there is no other housing society, whether in existence or about to be formed, to which the society's interest in the land in question can suitably be transferred ; and
(c)that the land is capable of being, or continuing to be, used to provide housing accommodation for letting,
the Corporation may prepare and submit to the Minister a scheme for the Corporation to acquire the society's interest in the land and to undertake all such operations as may be required for the provision or continued provision on the land of housing accommodation for letting (including any operations which might have been carried out by a housing society in connection with the provision of the housing accommodation) and for the Corporation to retain the accommodation and keep it available for letting so long as the scheme has not been terminated in any manner provided for therein.
(2)Where a scheme under this section is submitted to the Minister by the Corporation, the Minister, on being satisfied of the undesirability of the land remaining in the hands of the society and of the lack of any housing society to which it can suitably be transferred, may, if he thinks fit, approve the scheme, and if he does so the Corporation shall have power to acquire for the purposes of the scheme the society's interest in the land and to carry through the provisions of the scheme.
(3)Where the Corporation propose to give to a housing society directions under section 2(3) of this Act requiring the society to transfer to the Corporation the society's interest in any land, the Minister shall not consent to the giving of the directions unless he at the same time approves, or has previously approved, a scheme under this section with respect to that land.
(4)Any scheme approved by the Minister under this section may be varied from time to time in accordance with proposals in that behalf made by the Corporation and approved by the Minister.
(5)In the application of this section to Scotland, for the references to the Minister there shall be substituted references to the Secretary of State.