This section applies if as a result of an inquiry under section 206 or an audit under section 210 or 210A the regulator is satisfied that—
the affairs of a registered provider have been mismanaged in relation to social housing, ...
a transfer of certain of a registered provider's management functions would be likely to improve the management of some or all of its social housing , or
the registered provider has failed to meet a standard under section 193, 194 or 194C.
The regulator may by notice require the registered provider to transfer management functions to a specified person.
A requirement to transfer management functions may be imposed only with the Secretary of State's consent (both as to the transfer and the terms).
A requirement may relate to—
the registered provider's affairs generally in so far as they relate to social housing, or
specified affairs relating to social housing.
Transfer shall be on terms and conditions (including as to remuneration) specified in, or determined in accordance with, the requirement.
A transferee manager shall have—
any power specified in the requirement, and
any other power in relation to the registered provider's affairs required by the manager for the purposes specified in the requirement (including the power to enter into agreements and take other action on behalf of the registered provider).