Section 66 Restrictions on dealings during or following inquiriesI1

(1)

This section applies if the Regulator, when making or having made inquiries, considers—

(a)

that there has been misconduct or mismanagement in a registered social landlord's financial or other affairs,

(b)

that the interests of a registered social landlord's tenants need protection,

(c)

that a registered social landlord's assets need protection, or

(d)

that a registered social landlord's financial viability is in jeopardy.

(2)

The Regulator may—

(a)

direct the registered social landlord not to—

(i)

undertake particular transactions, or

(ii)

make payments of a particular nature or amount,

without the Regulator's consent, or

(b)

direct a bank or other person not to dispose of any money, securities or other assets it holds for the registered social landlord without the Regulator's consent.

(3)

It is an offence for a person to fail to comply with a direction.

(4)

A person guilty of such an offence is liable on summary conviction to—

(a)

imprisonment for a term not exceeding 3 months,

(b)

a fine not exceeding level 5 on the standard scale, or

(c)

both.

Annotations

Commencement

I1: S. 66 in force at 1.4.2012 by S.S.I. 2012/39, art. 2, Sch. 1 (with Sch. 2)