Distributed to
All registered social landlords.

Summary
Announces the issue of a Determination under paragraph 27 of Schedule 1 to the Housing Act 1996. This sets out the principles upon which the Housing Corporation will decide the terms of any transfer of land to another registered social landlord (RSL) pursuant to a direction made by the Corporation's Board following a statutory inquiry into the affairs of a RSL and/or an extraordinary audit carried out as part of the inquiry.

1 Background

1.1 Following the introduction of the Housing Act 1996, the Board of the Housing Corporation approved on 24 September 1996 the principles that will be followed in the event of a decision to transfer the stock of a RSL following a statutory inquiry. The Determination is published now as a requirement of the Act, and for information only.

2 Scope of the Determination

2.1 A copy of the Determination is attached to this circular. It covers the following general areas:

(i) the powers granted to the Corporation in relation to the transfer of land, and the purpose of such a transfer;

(ii) the interests that the Corporation will take into account before a direction to transfer land is made;

(iii) the terms of a transfer in relation to the liabilities of the existing landlord, the price of the land to be transferred, and the constitution of the recipient landlord.

3 Enquiries

3.1 Please direct enquiries on this circular to the Assistant Director (Supervision) in the Regulation Division at the Corporation's Headquarters.