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Article 3 Residential use

Original text. Later amendments are not shown.

For the purposes of section 11(2)(b) of the Act (which requires land upon which a class 1 advance is secured to be for the residential use of the borrower), land is for the residential use of the borrower if either of the following requirements is satisfied—

(a)

that all of the land is for the residential use of the borrower; or

(b)

that the residential area within that land is not less than forty per cent of the total area of that land.