(1B) With the approval of the registrar and subject to S. 33(1B) such conditions as the registrar determines, a inserted by No. 37/1999 society may assign or transfer its interest under a s. 58(Sch. 2 mortgage of freehold land for the purpose of— Pt 2 item 3). (a) raising money for the repayment by the society in whole or in part of any loan made to the society; or (b) extinguishing the loan. (1C) A society must, if the registrar so directs, assign or S. 33(1C) inserted by transfer its interest under a mortgage of freehold No. 37/1999 s. 58(Sch. 2 land for a purpose referred to in subsection (1B). Pt 2 item 3). S. 33(1D) (1D) The registrar must not give a direction under inserted by subsection (1C) unless satisfied that the No. 37/1999 s. 58(Sch. 2 assignment or transfer would not disadvantage the Pt 2 item 3). members of the society. S. 33(1E) (1E) Upon the assignment or transfer under inserted by subsection (1B) or (1C) of a mortgage given by a No. 37/1999 member to a society— s. 58(Sch. 2 Pt 2 item 3). (a) the shares of the member in the society related to the mortgage are cancelled; and (b) the member ceases to be a member by reason of that mortgage; (c) the amount owing by the member under or in respect of the mortgage is reduced by the amount (if any) paid up in respect of the shares. (2) A society shall not be authorized to receive money on deposit. * * * * * S. 33(3) repealed by No. 6821 s. 6. (4) Except as may be provided in any agreement made in relation to a guarantee executed by the
S. 33(1B) inserted by No. 37/1999 s. 58(Sch. 2 Pt 2 item 3). (1B) With the approval of the registrar and subject to such conditions as the registrar determines, a society may assign or transfer its interest under a mortgage of freehold land for the purpose of— (a) raising money for the repayment by the society in whole or in part of any loan made to the society; or (b) extinguishing the loan. S. 33(1C) inserted by No. 37/1999 s. 58(Sch. 2 Pt 2 item 3). (1C) A society must, if the registrar so directs, assign or transfer its interest under a mortgage of freehold land for a purpose referred to in subsection (1B). S. 33(1D) inserted by No. 37/1999 s. 58(Sch. 2 Pt 2 item 3). (1D) The registrar must not give a direction under subsection (1C) unless satisfied that the assignment or transfer would not disadvantage the members of the society. S. 33(1E) inserted by No. 37/1999 s. 58(Sch. 2 Pt 2 item 3). (1E) Upon the assignment or transfer under subsection (1B) or (1C) of a mortgage given by a member to a society— (a) the shares of the member in the society related to the mortgage are cancelled; and (b) the member ceases to be a member by reason of that mortgage; (c) the amount owing by the member under or in respect of the mortgage is reduced by the amount (if any) paid up in respect of the shares. (2) A society shall not be authorized to receive money on deposit. S. 33(3) repealed by No. 6821 s. 6. * * * * * (4) Except as may be provided in any agreement made in relation to a guarantee executed by the
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