Article 7
1. Section 10 of the Act (power to make advances secured on land) shall not apply to territory advances.
2. Subsections (1) to (7), (9) to (13) and (15) of section 11 of the Act shall not apply to territory advances.
3. Subsections (1) to (11) and (13) of section 12 of the Act (supplementary provisions) shall not apply to territory advances.
4. Section 13(7) of, and Schedule 4 to, the Act (sale of mortgaged property and discharge of mortgages) shall not apply to territory advances.
5. Section 18 of the Act (power to invest in associated bodies) shall have the effect in relation to territory advances so as to treat them, for the purposes of subsection (4) thereof, as if they were advances secured on land in the United Kingdom.
6. Section 69 of the Act (disclosure and record of income of related businesses) shall have effect in relation to territory advances as if, in subsection (17) thereof–
(a)the definition of “conveyancing services” related additionally to land in Gibraltar and included the preparation of conveyances, contracts and other documents in connection with, and other services ancillary to, the disposition or acquisition of interests in that land, and
(b)the definition of “solicitor” included, in relation to Gibraltar, a barrister or solicitor: approved, admitted and enrolled in the Supreme Court of Gibraltar.