Article 85 Advances by the Executive

The following Article shall be substituted for Article 9 of the principal Order—

“Advances by the Executive

9

(1)

Subject to such conditions as the Department may specify, the Executive may—

(a)

advance money by way of loan to any person for any of the purposes mentioned in paragraph (2);

(b)

on the disposal of any house, allow any sum to be left outstanding on the security of the house; or

(c)

take a transfer of a mortgage in pursuance of Article 156.

(2)

The purposes referred to in paragraph (1) are—

(a)

acquiring or constructing a house;

(b)

converting a building into a house or acquiring buildings for that purpose;

(c)

altering, enlarging, repairing or improving a house;

(d)

facilitating the repayment of an amount outstanding on a previous loan made for any of the purposes specified in sub-paragraphs (a) to (c).”.