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3.—(1) Subject to paragraph (2) below, the specified territory is designated as a territory as respects which advances under section 14 of the Act (power to make advances secured on land overseas) may be made secured on land.
(2) Schedule 1 to this Order shall have effect in respect of —
(a)the forms of security on land which may be taken for such advances,
(b)the circumstances in which such forms of security may be taken,
(c)the conditions subject to which such forms of security may be taken, and
(d)the classification of territory advances (and accordingly of the mortgage debts) as class 1 advances or class 2 advances for the purposes of the requirements of Part III of the Act for the structure of commercial assets,
in relation to the specified territory, and a society shall not have power to make advances secured on land in the specified territory except in accordance with Schedule 1 to this Order.