A housing action trust shall use its best endeavours to secure that its objects are achieved as soon as practicable.
Where it appears to a trust that its objects have been substantially achieved, it shall—
so far as practicable, dispose or arrange to dispose of any remaining property, rights or liabilities of the trust in accordance with the preceding provisions of this Part of this Act; and
submit proposals to the Secretary of State for—
the dissolution of the trust;
the disposal to any person of any remaining property, rights or liabilities of the trust which it has not been able to dispose of or arrange to dispose of under paragraph (a) above;and
the transfer of any function exercisable by the trust to another person (including, where appropriate, a person with whom the trust has entered into an agreement under section 87 above).
The Secretary of State may by order provide for the dissolution of a housing action trust and for any such disposal or transfer as is mentioned in subsection (2)(b) above, whether by way of giving effect (with or without modifications) to any proposals submitted to him under subsection (2) above or otherwise.
Any order under this section—
where it provides for any such disposal or transfer as is mentioned in subsection (2)(b) above, may be on such terms, including financial terms, as the Secretary of State thinks fit and may create or impose such new rights or liabilities in respect of what is transferred as appear to him to be necessary or expedient;
where it provides for any such disposal or transfer as is mentioned in subsection (2)(b) above, may contain provisions—
establishing new bodies corporate to receive the disposal or transfer; or
amending, repealing or otherwise modifying any enactment for the purpose of enabling any body established under any enactment to receive the disposal or transfer;
may contain such supplementary and transitional provisions as the Secretary of State thinks necessary or expedient, including provisions amending , repealing or otherwise modifying any enactment; and
shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
In this section "enactment" includes any instrument made under any enactment.