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Housing Act 1974

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This is the original version (as it was originally enacted).

6Acquisition of securities and control of subsidiaries

(1)The Corporation may with the consent of the Secretary of State subscribe for or acquire any securities of a body corporate and promote or participate in the promotion of any such body.

(2)The Corporation shall exercise their control over any subsidiary of theirs so as to secure that the subsidiary does not—

(a)engage in any activity which the Corporation are not empowered to carry on ;

(b)engage in any activity in a manner in which the Corporation themselves could not engage, by reason of any direction given to the Corporation under section 1(2) of the 1964 Act;

(c)except with the consent of the Secretary of State, borrow money from any person other than the Corporation; or

(d)except with the consent of the Secretary of State, raise money by the issue of shares or stock to any person other than the Corporation.

(3)In this section " securities " means shares, stock, debentures, debenture stock and any securities of a like nature.

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