11.— The Securitisation (Proceeds of Certain Mortgages) Act 1995 is amended by substituting the following for section 10:

“Distributions, etc., by designated body.

10.— (1) A designated body may from time to time make distributions to the Minister or such other person or body as the Minister may direct.

(2) A designated body may from time to time transfer, to the Minister or such other person or body as the Minister may direct, outstanding mortgage loan payments representing the principal and interest amounts of securitised local authority mortgage payments due to the designated body.

(3) Any asset of a designated body remaining on its winding-up shall be transferred to the Minister or such other person or body as the Minister may direct.

(4) For the purposes of subsection (3), ‘asset’ includes money, an interest and a right of action in respect of money and an interest accruing, receivable or vesting subsequent to the winding-up.”.