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Article 6 Attribution and aggregation of mortgage debts of associated bodies

Original text. Later amendments are not shown.

Where an associated body has mortgage debts, in determining for the purposes of section 20 (limits on percentages of classes of assets) of the Act the amount of the asset holding of the society—

(a)

the mortgage debts may be attributed to the society to be aggregated to the class 1 or class 2 assets of the society in accordance with rule 7 below, and

(b)

the mortgage debts, which are not attributed to the society to be aggregated to the class 1 or class 2 assets of the society in accordance with rule 7 below, shall be attributed to the society to be aggregated to the class 3 assets of the society.