SCHEDULES
SCHEDULE 11Miscellaneous Deregulatory Provisions: Consequential Amendments
Building Societies Act 1986 (c. 53)
7
1
The Building Societies Act 1986 shall be amended as follows.
2
In section 10(5) for “borrower” there shall be substituted “mortgagor”.
3
In section 11(7), after “(2)(b)” there shall be inserted “or (2)(ba)(i) or (ii)”.
4
In section 13(2), at the end there shall be inserted—
e
where the advance is to be made in connection with a disposition of other land to the borrower, any person having a financial interest in the disposition of the other land and any director, other officer or employee of his or of an associated employer; and
f
where the advance is to be made in connection with a disposition of other land to the borrower, any person receiving a commission for introducing the parties to the transaction involving the disposition and any director, other officer or employee of his.
5
In section 13(3)—
a
after “following a disposition of the land” there shall be inserted “or in connection with a disposition of other land to the borrower”, and
b
in paragraph (a), the words “of the land” shall be omitted.
6
In section 119(1), there shall be inserted at the appropriate place in alphabetical order—
“advance secured on third party land” has the meaning given by section 10(4A);