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PART VI
Loans
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Amounts and purposes of loans.
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77.—(1) Whenever the Minister considers it expedient, in the interests of the orderly and proper regulation of building society business and having regard to the demand for loans for house purchase, he may, subject to the consent of the Minister for Finance and after consultation with the Registrar, make regulations in relation to the purposes and amounts of loans by societies.
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(2) Without prejudice to the generality of subsection (1), regulations under this section may provide for all or any one or more of the following—
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(a) the maximum amount of a loan that a society may make;
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(b) the purposes for which loans may or may not be made by a society; and
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(c) the maximum amount that a society may lend to a body corporate and the total amount of such loans.
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(3) Regulations under this section may be expressed to apply to all societies or to all loans or to a specified class or classes of societies and loans (denoted by reference to such matters as the Minister, with the consent of the Minister for Finance, considers appropriate), and may provide for limits by reference to amounts or to percentages or otherwise and for the application of specified limits to a specified class or specified classes of societies and loans (denoted by reference to such matters as the Minister, with such consent, considers appropriate).
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(4) A society shall not make a loan to a body corporate within a period of two years after the society's incorporation or after the granting to it under section 19 of permission to advertise, whichever is the later.
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