(1)So much of an advance by a building society which is partly financed under section 222 (assistance for first-time buyers) or the corresponding English or Northern Ireland provisions as is so financed shall be treated as not forming part of the advance for the purpose of determining—
(a)whether the advance, or any further advance made within two years of the date of purchase, is beyond the powers of the society, and
(b)the classification of the advance, or any such further advance, for the purposes of Part III of the M1Building Societies Act 1986.
[F1(2)Section 16(3) and (5) of the M2Restrictive Trade Practices Act 1976 (recommendations by service supply associations to members) shall not apply to recommendations made to lending institutions and savings institutions about the manner of implementing sections 222 to 226 (assistance for first-time buyers) or the corresponding English or Northern Ireland provisions, provided that the recommendations are made with the approval of the Secretary of State, or as the case may be, the Department of Environment for Northern Ireland, which may be withdrawn at any time on one month’s notice.]
Textual Amendments
F1S. 227: By S.I. 2000/311, art. 44(2) it is provided (1.3.2000) that s. 227(2)(b) is repealed
Modifications etc. (not altering text)
C1Ss. 222–227: power to amend or repeal conferred by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 171(b)(2)
Marginal Citations