s 2
(1) The lending institutions recognised for the purposes of section 1 are specified in Part I of the Schedule to this Act, and the savings institutions so recognised are specified in Part II of the Schedule; and the Secretary of State may with Treasury consent— (a) add to either Part of the Schedule by order ; (b) by order made in the case of a body named in it direct (but only after giving an opportunity for representations to be made on the body’s behalf) that it be no longer a recognised institution. (2) Advances to lending institutions shall be on such terms as to repayment and otherwise as may be settled by the Secretary of State with Treasury consent, after consultation with lending and savings institutions or organisations representative of them ; and the terms shall be embodied in directions issued by the Secretary of State from time to time. (3) The following matters (among others) may be dealt with in the Secretary of State’s directions— (a) the cases in which assistance under this Act is to be provided and the method— (i) of determining loan value for the purpose of section 1(4)(a), and (ii) of quantifying bonus by reference to savings ; (b) the considerations by reference to which a person is or is not to be treated as a first-time purchaser of house property ; (c) the steps which must be taken with a view to satisfying the conditions of section 1(3), and the circumstances in which those conditions are or are not to be treated as satisfied ; (d) the supporting evidence and declarations which are to be furnished by a person applying for the assistance, in order to establish his qualification for it, and the means of ensuring that restitution is made in the event of it being obtained by false representations ; and (e) the way in which amounts paid over by way of assistance under this Act are to be repaid to the lending institutions and the Secretary of State. Home Purchase Assistance and Housing c, 27 (4) The Secretary of State may, to the extent that he thinks proper for safeguarding the lending institutions, include in the terms an undertaking to indemnify the institutions in respect of loss suffered in cases where assistance has been given under this Act. (5) Section 16(3) and (5) of the Restrictive Trade Practices Act 1976 (recommendations by services supply association to members) shall not apply to recommendations made to lending and savings institutions about the manner of implementing this Act, provided that the recommendations are made with the approval of the Secretary of State, which may be withdrawn at any time on one month’s notice. (6) Any sums required by the Secretary of State for making advances under this Act, or for indemnifying lending institutions in respect of loss, shall be paid out of money provided by Parliament ; and any sums received by the Secretary of State as repayment of advances or otherwise shall be paid into the Consolidated Fund. (7) In this Act “ by order ” means by order made by statutory instrument ; and— (a) an order made under any provision of section 1 or 2 may be varied or revoked by a subsequent order under that provision ; and (6) orders under section 1(2) and (6) shall be subject to annulment in pursuance of a resolution of the House of Commons.