[F1450 Modifications of building society law.E+W
So much of an advance by a building society which is partly financed under section 445 (assistance for first-time buyers) or the corresponding Scottish or Northern Ireland provisions as is so financed shall be treated as not forming part of the advance for the purpose of determining—
(a)whether the advance, or any further advance made within two years of the date of purchase, is beyond the powers of the society, and
(b)the classification of the advance, or any such further advance, for the purposes of Part III of the Building Societies Act 1986.]
Textual Amendments
F1S. 450 substituted by Building Societies Act 1986 (c. 53, SIF 16), ss. 54(3)(a)(5), 120(1), Sch. 18 Pt. I para. 18(4)
Modifications etc. (not altering text)
C1Ss. 445–450: power to amend or repeal conferred by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 171(1)(a)(2)