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Lifting of certain restrictions on cover assets pool of a designated mortgage credit institution.
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26.— The Principal Act is amended by inserting the following after section 39:
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“Lifting of certain restrictions on cover assets pool of a designated mortgage credit institution.
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39A.— For so long as—
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(a) a cover assets pool maintained by a designated mortgage credit institution is comprised in part of cover assets which meet the requirements of section 32(8) and (15) and of any contractual undertaking made by the institution referred to in section 32(16), and
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(b) those cover assets meet the other requirements of this Part,
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then any provision of this Part which restricts the proportion or percentage of the cover assets pool which may be comprised of certain cover assets or criteria or standards applicable to cover assets shall not apply to any further such cover assets comprised or to be comprised from time to time in that cover assets pool, and the provisions of this Part shall be construed accordingly.”.
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