CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 34 As to advances by societies

CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 34

    (1)     A society shall not make any advance to any person who is not a member of the society.

    (2)     A society shall not make any advance to a member of the society—

        (a)     except for the purpose of enabling such member—

              (i)     to purchase land and erect a dwelling-house thereon; or

              (ii)     to erect a dwelling-house on land already owned by him; or

S. 34(2)(a)(iia) inserted by No. 8978 s. 3.

        (iia)     to erect a dwelling-house on Crown land leased by him for a term of not less than 50 years being Crown land within an area approved by the Governor in Council for the purposes of this Act;

S. 34(2)(a)(iii) amended by Nos 6821 s. 7(a), 7097 s. 4(a)(i)(ii), 7575 s. 3, substituted by No. 7983 s. 2.

              (iii)     to purchase land upon which is situated a dwelling-house; or

S. 34(2)(a)(iiia) inserted by No. 6821 s. 7(b).

        (iiia)     to maintain and keep in proper repair his dwelling-house;

              (iv)     (where the approval of the Governor in Council given after consideration of a report by the registrar is first obtained) to discharge a mortgage held by another society upon any land; or

S. 34(2)(a)(v) amended by No. 7097 s. 4(b).

              (v)     to discharge a mortgage or any other charge or security over or affecting any land which mortgage charge or security was granted or executed by the member in anticipation of the society's making an advance to him, and in any such case the advance shall not be made by the society without the prior approval of the registrar;

S. 34(2)(a)(vi) inserted by No. 36/1990 s. 16(a), amended by No. 48/1992 s. 104(c).

              (vi)     in circumstances approved by the registrar to alter or improve his or her dwelling-house; or

S. 34(2)(a)(vii) inserted by No. 36/1990 s. 16(a), amended by No. 48/1992 s. 104(c).

              (vii)     in circumstances approved by the registrar to discharge a mortgage or other charge or security over or affecting land; and

S. 34(2)(b) amended by No. 8339 s. 2(1)(Sch. 2 item 2(ii)), repealed by No. 36/1990 s. 16(b).

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        (c)     unless the board is satisfied that the member intends to reside in the dwelling-house erected or to be erected on such land and is not already the owner of more than one dwelling-house (other than the dwelling-house in relation to which the advance is to be made).

S. 34(3) amended by No. 8543 s. 2.

    (3)     A society shall not make any advance on the security of any property which is subject to a prior mortgage, unless the prior mortgage is in favour of the society or another co-operative housing society having the same registered office as the first-mentioned society.

S. 34(4) substituted by No. 85/1998 s. 24(Sch. item 14).

    (4)     Every mortgage executed as security for an advance by a society must be registered under the Transfer of Land Act 1958 .

    (5)     Any property to which a society may become absolutely entitled by foreclosure surrender or other extinguishment of the right of redemption shall as soon afterwards as may be conveniently practicable be sold or converted into money.

S. 34(6) inserted by No. 8543 s. 3.

    (6)     In this section "purchase" includes the completion of a purchase under an existing contract of sale and the discharge of a mortgage within the meaning of the Sale of Land Act 1962 , given to a vendor or other person pursuant to the provisions of section 4 of that Act.

No. 6138 s. 35.