Article 9 Exception to attribution of mortgage debts

The mortgage debts of an associated body, other than a subsidiary, shall not be available for attribution under these rules other than the amount of mortgage debts of the associated body bearing the same proportion to the totality of the mortgage debts of the associated body as the shareholding of the society or its subsidiary bears to the total shareholding by all the members of the associated body.

The amount of mortgage debts held by an associated body which would otherwise be attributed to the society to be aggregated to the class 2 or 3 assets of the society in accordance with rules 6 and 7 above, shall not be so attributed to the extent that they are represented by liabilities of the society.