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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 23

Permission to exceed limit for advances on property for letting as houses or flats.

23.(1) The provisions of this section shall have effect where in any
financial year

(a)a building society is, in accordance with the provisions of section 22,
empowered to make special advances up to the limit specified in section 22(3),
or up to the limit specified in section 22(4); and

(b)the society makes, or proposes to make, special advances on the security of
freehold or leasehold estate consisting wholly or mainly of dwelling-houses or
flats which it is proposed to construct, or which are in course of
construction or have recently been constructed;

(2) For the purpose of authorising the building society to exceed the limit
specified in section 22(3) or (4), as the case may be, by an amount equal to
the whole, or some proportion, of the amount of the advances in respect of
which the application is made, the registrar may, if he thinks fit, grant to
the society permission in writing to make special advances in the
financial year in question in excess of that limit, but subject to such other
limit under the said subsection (3) or subsection (4) as may be specified in
the permission for that purpose.

(3) Where in the case of a building society

(a)the ascertained proportion for a financial year exceeds ten per cent. but
does not exceed twenty-five per cent., and accordingly section 22(4) applies
to the next following financial year; and

(b)the society shows to the satisfaction of the registrar that that proportion
represents, in whole or in part, advances by reference to which permission has
been granted under subsection (2), on an application made thereunder at any
time in respect of those advances;

(4) The limit specified in any permission granted under this section in
relation to a financial year may be expressed as a percentage of the total of
all advances made by the building society in that year, or in any other
manner.

(5) Where permission is granted under this section, the provisions of
section 22 shall have effect accordingly.

© 1967 Crown Copyright

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