23Transfer of net assets on dissolution
(1)Where a registered housing association which is a society registered under the 1965 Act is dissolved under that Act. so much of the property of the association as remains after meeting the claims of its creditors and any other liabilities arising on or before the dissolution shall be transferred—
(a)to the Housing Corporation, or
(b)if the Corporation so directs, to such registered housing association as may be specified in the direction,
notwithstanding anything in the 1965 Act or in the rules of the association.
(2)In order to avoid the necessity for the sale of land belonging to the association, and thereby secure the transfer of the land under this section, the Corporation may, if it appears to it appropriate to do so, make payments to discharge such claims or liabilities as are referred to in subsection (1).
(3)Where the association which is dissolved is a charity, the Corporation may dispose of property transferred to it by virtue of this section only to another registered housing association—
(a)which is also a charity, and
(b)the objects of which appear to the Corporation to be, as nearly as practicable, akin to those of the dissolved association.
(4)In any other case the Corporation may dispose of property transferred to it by virtue of this section to a registered housing association or to a subsidiary of the Corporation.
(5)Where property transferred to the Corporation by virtue of this section includes land subject to an existing mortgage or charge (whether in favour of the Corporation or not), the Corporation may, in exercise of its powers under Part III dispose of the land either—
(a)subject to that mortgage or charge, or
(b)subject to a new mortgage or charge in favour of the Corporation securing such amount as appears to the Corporation to be appropriate in the circumstances.