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Change 1
As published
119 Power of local authorities and county councils to promote and assist housing associations
(1) A local authority for the purposes of this Part of this Act, or a county council, may promote the formation or extension of, or, subject to the provisions of this Act, assist, a housing association.
(2) Where a housing association desires to erect houses which in the opinion of the Minister are required, and the local authority of the area in which the houses are proposed to be built are unwilling to acquire land with a view to selling or leasing it to the association, the county council, on the application of the association, may for this purpose acquire land and exercise all the powers of a local authority under this Part of this Act in regard to the acquisition and disposal of land, and the provisions of this Part of this Act as to the acquisition of land by local authorities shall apply accordingly.
(3) Any such local authority or county council with the consent of, and subject to any regulations or conditions which may be made or imposed by, the Minister may, for the assistance of a housing association—
(a) make grants or loans to the association,
(b) subscribe for any share or loan capital of the association,
(c) guarantee or join in guaranteeing the payment of the principal of and interest on any money borrowed by the association (including money borrowed by the issue of loan capital) or of interest on any share capital issued by the association,
on such terms and conditions as to rate of interest and repayment or otherwise and on such security as the local authority or county council think fit.
The Minister's power of making regulations under this subsection shall be exercisable by statutory instrument.
(4) Notwithstanding the provisions of section four of the Industrial and Provident Societies Act, 1893, where a local authority or county council assist an association under this subsection, the local authority or council shall not be prevented from having or claiming an interest in the shares of the association exceeding the limit prescribed by that section.
(5) Any expenses incurred by a county council under this section shall be defrayed as expenses for general county purposes.
Your change, as a redline
119 Power of local authorities and county councils to promote and assist housing associations
(1) A local authority for the purposes of this Part of this Act, or a county council, may promote the formation or extension of, or, subject to the provisions of this Act, assist, a housing association.
(2) Where a housing association desires to erect houses which in the opinion of the Minister are required, and the local authority of the area in which the houses are proposed to be built are unwilling to acquire land with a view to selling or leasing it to the association, the county council, on the application of the association, may for this purpose acquire land and exercise all the powers of a local authority under this Part of this Act in regard to the acquisition and disposal of land, and the provisions of this Part of this Act as to the acquisition of land by local authorities shall apply accordingly.
(3) Any such local authority or county council with the consent of, and subject to any regulations or conditions which may be made or imposed by, the Minister may, for the assistance of a housing association—
(a) make grants or loans to the association,
(b) subscribe for any share or loan capital of the association,
(c) guarantee or join in guaranteeing the payment of the principal of and interest on any money borrowed by the association (including money borrowed by the issue of loan capital) or of interest on any share capital issued by the association,
on such terms and conditions as to rate of interest and repayment or otherwise and on such security as the local authority or county council think fit.
The Minister's power of making regulations under this subsection shall be exercisable by statutory instrument.
(4) Notwithstanding the provisions of section four of the Industrial and Provident Societies Act, 1893, where a local authority or county council assist an association under this subsection, the local authority or council shall not be prevented from having or claiming an interest in the shares of the association exceeding the limit prescribed by that section.
(5) Any expenses incurred by a county council under this section shall be defrayed as expenses for general county purposes.
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