SOCIETIES (AMENDMENT) ACT, 1983

Amendment of section 80 of Building Societies Act, 1976.

Amendment of section 80 of Building Societies Act, 1976.

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1.—(1) In section 80 of the Building Societies Act, 1976, “prior mortgage”, notwithstanding section 2 of that Act, does not include, and shall be deemed never to have included—

(a) a charge on land to secure payment of the whole or part of a conventional rent, a fee farm rent or a crown rent, or

(b) a charge on land held under a lease or a fee farm grant to secure payment of moneys which, in the event of the breach, non-performance or non-observance of a covenant or condition contained in the lease or the fee farm grant, as the case may be, or in an assignment or other conveyance of the whole or part of the lessee's interest under the lease or the grantee's interest under the fee farm grant, as the case may be, become payable out of the land.

(2) In this section—

“conventional rent” has the meaning assigned to it by the Statute of Limitations, 1957;

“crown rent” means any periodic payment which was, immediately before the 6th day of December, 1922, collectable under the Crown Lands Acts, 1829 to 1913, being—

(a) a crown rent,

(b) a quit rent,

(c) a composition rent, or

(d) any other rent charge;

“fee farm rent” means a rent payable under a fee farm grant whether the fee farm grant does or does not create the relationship of landlord and tenant.

Short title, collective citation and construction.

Short title, collective citation and construction.

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2.—(1) This Act may be cited as the Building Societies (Amendment) Act, 1983.

(2) The Building Societies Acts, 1976 and 1980, and this Act may be cited together as the Building Societies Acts, 1976 to 1983, and shall be construed together as one.