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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 33 

Advance for single premium life policy.

33.(1) For the purpose of facilitating the repayment to a building society of
an advance made by the society to a member (in this section referred to as
"the borrower") on the security of freehold or leasehold estate, the society
shall have power to make to the borrower, by way of addition to the advance, a
further advance of the whole or part of such sum as may be necessary to enable
payment to be made of a single premium payable in respect of an appropriate
policy of life assurance.

(2) A policy of life assurance is for the purposes of this section an
appropriate policy if

(a)it is a policy of life assurance on the life of the borrower or the spouse
or son or daughter of the borrower, and

(b)it provides, in the event of the death, before the advance has been repaid,
of the person on whose life the policy is effected, for payment of a sum not
exceeding the amount sufficient to defray the sums which are, at and after the
time of the death, payable to the society in respect of the advance as
increased by the additional advance made by the society under the power
conferred by this section.

(3) A sum added to an advance in pursuance of the power conferred by this
section shall be treated as not forming part of the advance for the purpose of
determining whether the advance is beyond the powers of the society on the
grounds that

(a)the amount of the advance is excessive, or

(b)the amount of any excess advance included in the advance is greater than
that authorised by section 26.

Restrictions on commissions for introduction of mortgage business.

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© 1967 Crown Copyright

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