47
In forceConditions annexed to land while subject to mortgage
Part 6Advances for houses, other buildings and land
Division 1Advances for houses to individuals
47 Conditions annexed to land while subject to mortgage
The following conditions apply in respect of land subject to any mortgage under this Division—
(a)
the land, and any part of the land, must not be transferred, assigned, or let without the previous consent in writing of the Corporation,
(b)
any transfer, assignment, or letting of the land, or any part of the land, in contravention of this section, is void, and the Corporation may cause the estate of the owner in the land to be sold,
(c)
if the owner of the land becomes bankrupt, the Corporation may cause the owner’s estate in the land to be sold.
This Act’s bill:Explanatory memorandumSecond reading speech
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