OpenLegislation

Paragraph 6

Original text. Later amendments are not shown.

Where a society, in exercise of its powers arising as a result of having taken the specified security over land on which a specified advance is made, takes possession of the land, the land shall until sale be classified—

(a)

if the advance was most recently classified as a class 1 advance by virtue of this Order, as a class 1 asset, and

(b)

if the advance was most recently classified as a class 2 advance by virtue of this Order, as a class 2 asset,

for the purposes of the requirements of Part III of the Act for the structure of commercial assets.