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(1)The Corporation shall make grants to registered social landlords in respect of discounts given by them to persons exercising the right to acquire conferred by section 16.
(2)The amount of the grant for any year shall be the aggregate value of the discounts given in that year.
(3)The Corporation, acting in accordance with such principles as it may from time to time determine, shall specify in relation to grants under this section—
(a)the procedure to be followed in relation to applications for grant,
(b)the manner in which, and time or times at which, grant is to be paid.
(4)In making a grant the Corporation may provide that the grant is conditional on compliance by the registered social landlord with such conditions as the Corporation may specify.
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