Part I Control of Payments to Members, &c
Housing Act 1996 (1996 c 52) | Legislation

SCHEDULE 1 Registered Social Landlords: Regulation

Section 7

Part I Control of Payments to Members, &c

Payments by way of gift, dividend or bonus

1

(1)     A registered social landlord shall not make a gift or pay a sum by way of dividend or bonus to—

(a)     a person who is or has been a member of the body,

(b)     a person who is a member of the family of a person within paragraph (a), or

(c)     a company of which a person within paragraph (a) or (b) is a director,

except as permitted by this paragraph.

(2)     The following are permitted—

(a)     the payment of a sum which, in accordance with the constitution or rules of the body, is paid as interest on capital lent to the body or subscribed by way of shares in the body;

(b)     the payment by a fully mutual housing association to a person who has ceased to be a member of the association of a sum which is due to him either under his tenancy agreement with the association

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