A local authority may promote—
the formation of bodies to act as registered social landlords, and
the extension of the objects or activities of registered social landlords.
A local authority may for the assistance of any registered social landlord subscribe for share or loan capital of the landlord.
A local authority may for the assistance of a registered social landlord—
make grants or loans to the landlord, or
guarantee or join in guaranteeing the payment of the principal of, and interest on, money borrowed by the landlord (including money borrowed by the issue of loan capital) or of interest on share capital issued by the landlord.