Source: http://www.legislation.gov.uk/ukpga/1986/53/section/16
Timestamp: 2020-02-17 06:11:48
Document Index: 568639891

Matched Legal Cases: ['art. 4', 'art. 8', 'art. 4', 'art. 8', 'art. 4', 'art. 4', 'art. 8', 'art. 8', 'art. 4']

Building Societies Act 1986, Section 16 is up to date with all changes known to be in force on or before 17 February 2020. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
[F116 Power to lend to individuals otherwise than by class 1 or class 2 advances etc.U.K.
(3)Mobile home loans do not constitute loans under this section [F2and neither do bridging loans made under Part IV of Schedule 1 to the Building Societies (Commercial Assets and Services) Order 1988].
(b)the balance remaining after deducting from that limit the aggregate of any other sums outstanding in respect of loans made under this section by the society to that individual [F3and any facility limits agreed for the time being between the society and that individual][F4and also the cost of leasable chattels bailed under any current leasing agreement between the society and that individual];
(c)the balance remaining after deducting from the limit imposed by or under subsection (7) of that section the aggregate of any sums outstanding in respect of loans made under that section and under this section by the society to that individual [F5and any facility limits agreed for the time being between the society and that individual][F6and also the cost of leasable chattels bailed under any current leasing agreement between the society and that individual].
(7)Joint borrowers under this section shall be treated, for the purpose of the limit on loans under this section, as a single individual and any sums outstanding in respect of loans made under this section or section 15 by the society to any one of the joint borrowers [F7and also the cost of leasable chattels bailed under any current leasing agreement between the society and any one of the joint borrowers are] to be taken into account in determining the balance available for any further loan to him or to him and any joint borrower with him [F8, and so is any facility limit which is agreed for the time being between the society and any one of the joint borrowers].
(b)[F9where the mortgage is granted by the borrower,] on notice given to it by the borrower that there has been a change in the use of the land,
F10[(c)where the mortgage is granted otherwise than by the borrower and the loan has been used to purchase land—
[F11(17)In this section—
F2Words inserted by S.I. 1988/1141, art. 4(2), Sch. 3 para. 1
F3Words inserted by S.I. 1987/1975, art. 8(2), Sch. 2 para. 1
F4Words inserted by S.I. 1988/1141, art. 4(2), Sch. 3 para. 2
F5Words inserted by S.I. 1987/1975, art. 8(2), Sch. 2 para. 2
F6Words inserted by S.I. 1988/1141, art. 4(2), Sch. 3 para. 3
F7Words substituted by S.I. 1988/1141, art. 4(2), Sch. 3 para. 4
F8Words inserted by S.I. 1987/1975, art. 8(2), Sch. 2 para. 3
F9Words in s. 16(15)(b) inserted (3.1.1995) by 1994 c. 40, ss. 16(8)(a), 82(2)(a)
F10S. 16(15)(c)(d) substituted for words in s. 16(15) (3.1.1995) by 1994 c. 40, ss. 16(8)(b), 82(2)(a)
F11S. 16(17) added by S.I. 1987/1975, art. 8(2), Sch. 2 para. 4 and substituted by S.I. 1988/1141, art. 4(2), Sch. 3 para. 5