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21.(1) In this Act "special advance" means an advance made by a building society on the security of freehold or leasehold estate, being an advance of one of the following descriptions, that is to say (a)an advance of any amount to a body corporate; (b)an advance of a sum exceeding seven thousand pounds, or such other sum as may be prescribed under this section, to a person other than a body corporate; (c)an advance of any amount to a person other than a body corporate, being a person who, after the advance is made to him, is indebted to the society in an amount exceeding the limit in force for the purposes of this paragraph. (2) For the purposes of subsection (1)(c), the amount by which a person is indebted to a building society after the making of an advance shall be ascertained so as to take into account both that advance and all other debts of any description (whether immediately repayable or not) in which he is indebted to the society, and shall be so ascertained both (a)immediately after the making of the advance; and (b)at the end of a period of three months beginning with the date of the advance or (if sooner) at the end of the financial year in which the advance was made. (3) In relation to an advance made to a person by a building society, he shall be taken, for the purposes of subsection (1)(c), to be indebted to the society in an amount exceeding the limit in force for those purposes if either (a)the amount of his indebtedness to the society, ascertained in accordance with subsection (2) at the time mentioned in paragraph (a) thereof, exceeds fourteen thousand pounds and, where the advance is one in relation to which a sum is prescribed under this section, exceeds twice the sum so prescribed, or (b)the amount of his indebtedness to the society, ascertained in accordance with subsection (2) at the time mentioned in paragraph (b) thereof, exceeds seven thousand pounds and, where the advance is one in relation to which a sum is prescribed under this section, exceeds the sum so prescribed. (4) The registrar may, by an order made with the consent of the Ministry, prescribe under this section a sum exceeding seven thousand pounds in relation to advances made by building societies in any financial year beginning on or after the date of the coming into operation of the order. (5) An order made under this section shall be subject to affirmative resolution. (6) For the purposes of this section, and of sections 22 to 24, any transaction to which a building society is a party whereby the mortgagor's interest under a mortgage securing an advance made by the society is, subject to the mortgage, transferred from one person to another shall be treated as an advance made by the society to that other person of an amount equal to the amount of the mortgage debt remaining unpaid immediately after the transfer, together with any arrears of interest then outstanding. (7) An advance made jointly to two or more persons shall, for the purposes of this Act, be taken to be a special advance if an advance of the like amount made under the like conditions to any one of those persons would be a special advance in accordance with the preceding provisions of this section.
© 1967 Crown Copyright
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