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Provisions applicable where a credit institution is more than one kind of designated credit institution.
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56.— Section 90 of the Principal Act is repealed and substituted by the following:
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“Provisions applicable where a credit institution is more than one kind of designated credit institution.
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90.— (1) If a credit institution that is or was formerly both a designated mortgage credit institution and a different kind of designated credit institution permitted under this Act has—
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(a) issued mortgage covered securities, or
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(b) entered into a cover assets hedge contract comprised in its register of mortgage credit covered securities business,
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the rights of the holder of those securities, or of each other party to the contract, are secured only on the cover assets that comprise the relevant cover assets pool.
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(2) If a credit institution that is or was formerly both a designated public credit institution and a different kind of designated credit institution permitted under this Act has—
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(a) issued public credit covered securities, or
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(b) entered into a cover assets hedge contract comprised in its register of public credit covered securities business,
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the rights of the holders of those securities, or of each other party to the contract, are secured only on the cover assets comprised in the relevant cover assets pool.
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(3) If a credit institution that is or was formerly both a designated commercial mortgage credit institution and a different kind of designated credit institution permitted by this Act has—
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(a) issued commercial mortgage covered securities, or
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(b) entered into a cover assets hedge contract comprised in its register of commercial mortgage credit covered securities business,
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the rights of the holders of those securities, or of each other party to the contract, are secured only on the cover assets comprised in the relevant cover assets pool.”.
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