Housing Act 1974

34 Transfer to Corporation of rights and obligations of Secretary of State in relation to certain advances

(1) On and after the appointed day, any rights or obligations of the Secretary of State under an agreement in force immediately before that day under section 7 of the [1961 c. 65.] Housing Act 1961 or section 23 of the [1968 c. 31.] Housing (Financial Provisions) (Scotland) Act 1968 (in this section referred to respectively as " the principal section " and " the principal Scottish section ") shall, by virtue of this section, become rights or obligations of the Corporation.

(2) In accordance with subsection (1) above, on and after the appointed day—

(a) any reference in any such agreement as is referred to in subsection (1) above to the Secretary of State and any reference in any such agreement which immediately before the appointed day falls to be construed as a reference to the Secretary of State shall be construed as a reference to the Corporation ;

(b) in subsections (4), (6) and (7) of the principal section for the word " Minister " there shall be substituted the words " Housing Corporation " and in subsections (3), (6) and (7) of the principal Scottish section for the words " Secretary of State " there shall be substituted the words " Housing Corporation "; and

(c) any rights and obligations of the Secretary of State in relation to advances made under those sections (whether or not arising by virtue of any such agreement as is referred to in subsection (1) above) shall become rights and obligations of the Corporation.

(3) In any case where an advance under the principal section is, immediately before the appointed day, secured by a mortgage of any property in favour of the Secretary of State, the interest of the Secretary of State as mortgagee shall, by virtue of this section (and without any transfer or conveyance), on that day vest in the Corporation.

(4) In this section " the appointed day" means the day appointed for the coming into operation of this section.