5Objects of society

5 Objects of society

(1) A co-operative housing society may be formed for all or any of the following objects—

(a) to enable each of its members—

(i) to purchase land and to erect a dwelling-house thereon; or

(ii) to erect a dwelling-house on land already owned by him; or

S. 5(1)(a)(iia) inserted by No. 8978 s. 2(1).

(iia) to erect a dwelling-house on Crown land leased by him for a term of not less than 50 years being Crown land within an area approved by the Governor in Council for the purposes of this Act;

S. 5(1)(a)(iii) substituted by No. 7097 s. 3(a), amended by No. 7332 s. 2(Sch. 1 item 14).

(iii) subject to section thirty-four of this Act to purchase land upon which is situated a dwelling-house; or

S. 5(1)(a)(iiia) inserted by No. 6821 s. 3(b), amended by No. 7332 s. 2(Sch. 1 item 15).

(iiia) to maintain and keep in proper repair his dwelling-house; or

(iv) where the approval of the Governor in Council given after consideration of a report by the registrar is first obtained—to discharge a mortgage held by another society upon any land; or

S. 5(1)(a)(v) amended by No. 7097 s. 3(b).

(v) to discharge a mortgage or any other charge or security over or affecting any land which mortgage charge or security was granted or executed by the member in question in anticipation of the society's making an advance to him and with the approval of the registrar to the making of the advance; and

S. 5(1)(b) amended by No. 8978 s. 2(2).

(b) for all or any of those purposes to make advances to its members upon the security of freehold property or a lease for a term of not less than 50 years of Crown land within an area approved by the Governor in Council for the purposes of this Act.

S. 5(2) amended by No. 7097 s. 3(c).

(2) In this section purchase includes the completion of a purchase under an existing contract of sale and the discharge of a mortgage within the meaning of the Sale of Land Act 1962, given to a vendor or other person pursuant to the provisions of section four of that Act.

No. 6138 s. 6.

S. 6
amended by Nos 36/1990 s. 14(1), 37/1999 s. 58(Sch. 2 Pt 2 item 1) (ILA s. 39B(1)).