Housing Associations Act 1985
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Change 1
80 Security for loans to unregistered self-build societies.
(1) Where the Welsh Ministers— (a) make a loan to an unregistered self-build society under section 79(1); and (b) under a mortgage ... entered into by the society to secure the loan have an interest as mortgagee or creditor in land belonging to the society, they may . . . 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 Welsh Ministers continue to have such an interest in the land. (3) Directions so given may be varied or revoked by subsequent directions ... . (3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) The 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.
80 Security for loans to unregistered self-build societies.
(1) Where the Welsh Ministers— (a) make a loan to an unregistered self-build society under section 79(1); and (b) under a mortgage ... entered into by the society to secure the loan have an interest as mortgagee or creditor in land belonging to the society, they may . . . 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 Welsh Ministers continue to have such an interest in the land. (3) Directions so given may be varied or revoked by subsequent directions ... . (3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) The 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.
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