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Part I Amendments of Part I with Respect to the Housing Corporation, Housing for Wales and Scottish Homes

Part of Clause 38 – in the House of Commons at 9:15 pm on 13th June 1988.

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(4) After subsection (5) of that section there shall be added the following subsections— (6) In this section, in relation to a housing association, "subsidiary" means a company with respect to which one of the following conditions is fulfilled,—

  1. (a) the association is a member of the company and controls the composition of the board of directors; or
  2. (b) the association holds more than half in nominal value of the company's equity share capital; or
  3. (c) the company is a subsidiary, within the meaning of the Companies Act 1985 or the Friendly and Industrial and Provident Societies Act 1968, of another company which, by virtue of paragraph (a) or paragraph (b), is itself a subsidiary of the housing association;
and, in the case of a housing association which is a body of trustees, the reference in paragraph (a) or paragraph (b) to the association is a reference to the trustees acting as such and any reference in subsection (7) to the association shall be construed accordingly.