15(1)This paragraph applies—E+W+S
(a)where a registered social landlord which is [F1a registered society] is dissolved as mentioned in [F2section 119 or 123 of the Co-operative and Community Benefit Societies Act 2014 (dissolution by instrument of dissolution or by winding up)], and
(b)where a registered social landlord which is [F3a company (including a company that is a registered charity)] is wound up under the Insolvency Act 1986.
(2)On such a dissolution or winding-up, so much of the property of the society or company as remains after meeting the claims of its creditors and any other liabilities arising on or before the dissolution or winding-up shall be transferred to the [F4Relevant Authority] or, if the [F4Relevant Authority] so directs, to a specified registered social landlord.
The above provision has effect notwithstanding anything in [F5the Co-operative and Community Benefit Societies Act 2014], [F6the Companies Act 2006] or the Insolvency Act 1986, or in the rules of the society or, as the case may be, in the [F6articles] of the company.
(3)In order to avoid the necessity for the sale of land belonging to the registered social landlord and thereby secure the transfer of the land under this paragraph, the [F4Relevant Authority] may, if it appears to it appropriate to do so, make payments to discharge such claims or liabilities as are referred to in sub-paragraph (2).
(4)Where the registered social landlord which is dissolved or wound up is a charity, the [F4Relevant Authority] may dispose of property transferred to it by virtue of this paragraph only to another registered social landlord—
(a)which is also a charity, and
(b)the objects of which appear to the [F4Relevant Authority] to be, as nearly as practicable, akin to those of the body which is dissolved or wound up.
[F7(5)In any other case the Welsh Ministers may dispose of property transferred to them by virtue of this paragraph to a registered social landlord.]
(6)Where property transferred to the [F4Relevant Authority] by virtue of this paragraph includes land subject to an existing mortgage or charge (whether in favour of the [F4Relevant Authority] or not), the [F4Relevant Authority] may, in exercise of its powers under Part III of the M1Housing Associations Act 1985, dispose of the land either—
(a)subject to that mortgage or charge, or
(b)subject to a new mortgage or charge in favour of the [F4Relevant Authority] securing such amount as appears to the [F4Relevant Authority] to be appropriate in the circumstances.
Textual Amendments
F1Words in Act substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 56 (with Sch. 5)
F2Words in Sch. 1 para. 15(1)(a) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 65(9)(a) (with Sch. 5)
F3Words in Sch. 1 para. 15(1)(b) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 161(10)(g)(ii) (with art. 10)
F4Words in Pt. I substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 82(1)(2) (with ss. 139(2), 141(1), 143(2)); S.I. 1998/2244, art.5.
F5Words in Sch. 1 para. 15(2) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 65(9)(b) (with Sch. 5)
F6Word in Sch. 1 para. 15(2) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 161(10)(g)(iii) (with art. 10)
F7Sch. 1 para. 15(5) substituted (1.4.2010) by The Housing and Regeneration Act 2008 (Consequential Provisions) Order 2010 (S.I. 2010/866), art. 1(2), Sch. 2 para. 106(6) (with art. 6, Sch. 3)
Marginal Citations