The law used to have a rule about how much money a building society could lend to its members based on their shares. This rule was part of the Building Societies Act 1965. However, this rule no longer exists. It was removed from the law on 1 September 1987. This means that building societies now have different rules about lending money to their members.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371697.
50: Provisions as to sale of mortgaged property, or
"Rules for selling houses with mortgages (no longer used)"
51A: Advances on security other than mortgage of land or members' shares, or without security, or
"Rules for lending money without using land or shares as security no longer exist"
