in relation to which the advance is to be made). S. 34(3) (3) A society shall not make any advance on the amended by security of any property which is subject to a prior No. 8543 s. 2. 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. (4) Every mortgage executed as security for an S. 34(4) substituted by advance by a society must be registered under the No. 85/1998 s. 24(Sch. Transfer of Land Act 1958. item 14). (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) (6) In this section includes the completion purchase inserted by of a purchase under an existing contract of sale No. 8543 s. 3. and the discharge of a mortgage within the meaning of the 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. 35 Contracts by society (1) Contracts on behalf of a society may be made varied or discharged as provided in this section. (2) Any contract which, if made between private persons, would be by law required to be in writing and under seal, may be made on behalf of the society in writing under the common seal of the society, and the contract may in the same manner be varied or discharged.
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 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. 35 Contracts by society (1) Contracts on behalf of a society may be made varied or discharged as provided in this section. (2) Any contract which, if made between private persons, would be by law required to be in writing and under seal, may be made on behalf of the society in writing under the common seal of the society, and the contract may in the same manner be varied or discharged.