# The Building Societies (EFTA States) Order 1994, Paragraph 6


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.

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Source: https://www.legislation.gov.uk/uksi/1994/655/schedule/1/paragraph/6 (the official version)
Page: https://openlegislation.uk/building-societies-efta-states-order-1994/schedule-1/paragraph-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.