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1Notwithstanding the repeals effected by this Act, in any case where—
(a)the Housing Corporation have before the operative date made a loan under section 2 of the [1964 c. 56.] Housing Act 1964, and
(b)under a mortgage or heritable security, entered into by the body to whom the loan was made, to secure the loan the Housing Corporation have an interest as mortgagee or, as the case may be, as creditor in any land belonging to that body,
then, whether or not that body becomes a registered housing association on or after the operative date, subsections (3) and (4) of that section, as amended by section 77(2) of the [1972 c. 47.] Housing Finance Act 1972, shall continue to apply in relation to that land as if those provisions had not been repealed.
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