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Housing and Regeneration Act 2008

Section 122 - Payments to members etc.

283.This section derives from paragraph 1 of Part 1 of Schedule 1 to the 1996 Act.

284.Subsection (1) restricts the making of gifts and the payment of dividends and bonuses by a non-profit registered provider to –

  • a member or former member of the registered provider,

  • a member of the family of a member or former member,

  • a company which has as a director such a person.

285.Subsection (2) states that gifts may only be made, or dividends of bonuses paid if they fall within the three classes defined in subsections (3) to (5).

286.Subsections (3) to (5) broadly replicate the effects of paragraphs 1(2)(a) to (c) of the Part mentioned above.

287.Subsection (6) states that if a registered company or industrial and provident society contravenes this section –

  • it may recover the wrongful gift or payment as a debt from the recipient; and

  • the regulator may require it to take action to recover the gift or payment.

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