Part III The Housing CorporationSocial Housing in Wales

Relevant Authority’s powers with respect to grants and loans

80 Security for loans to unregistered self-build societies.

(1)

Where the F1Welsh Ministers—

(a)

F2make a loan to an unregistered self-build society under section 79(1); and

(b)

under a mortgage F3... entered into by the society to secure the loan F4have an interest as mortgagee or creditor in land belonging to the society,

F5they may F6. . . give the society directions with respect to the disposal of the land.

(2)

The society shall comply with directions so given so long as the F7Welsh Ministers continue to have such an interest in the land.

(3)

Directions so given may be varied or revoked by subsequent directions F8... .

F9(3A)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

F10The Welsh Ministers shall not give directions under this section requiring a society to transfer its interest in land to them or any other person unless they are satisfied that arrangements have been made which will secure that the members of the society receive fair treatment in connection with the transfer.