Building Societies Act 1965

Miscellaneous provisions

128: Land acquired by exercise of powers as mortgagee to be sold

You could also call this:

"Building societies must sell land they get from borrowers who can't pay back loans"

This part of the law used to talk about what building societies had to do with land they got when they used their rights as lenders. The law said they had to sell this land. But you don't need to worry about this anymore because this rule was taken out of the law on 1 September 1987. It's no longer part of the Building Societies Act 1965.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM372394.


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Part 9Miscellaneous provisions

128Land acquired by exercise of powers as mortgagee to be sold (Repealed)

    Notes
    • Section 128: repealed, on , by section 31 of the Building Societies Amendment Act 1987 (1987 No 175).