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Amendment of section 22 of Principal Act.
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9.— Section 22 of the Principal Act is amended—
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(a) by substituting the following for subsection (1):
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“(1) A building society may make to members loans, (referred to in this Act as ‘housing loans’), including, with the approval of the Central Bank, loans in a currency other than the currency of the State, on the security of a mortgage of a freehold or leasehold estate or interest in a house—
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(a) for the purpose of enabling the member to provide or improve the house or to purchase the said estate or interest,
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(b) where such loans are used in whole or in part to repay any indebtedness previously incurred for any of the purposes referred to in paragraph (a), or
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(c) where such loans are in addition to, or an increase of, any loans referred to in paragraph (a) or (b).”,
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and
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(b) by deleting subsections (4) and (5).
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