43ADefault of builder building for the Corporation

43A Default of builder building for the Corporation

Where the Corporation has entered into a contract with a builder for the erection, completion or enlargement of a dwelling‑house in pursuance of an agreement with an applicant for an advance, or a borrower, for that erection, completion or enlargement by the Corporation under section 17A of the Act and the Corporation cancels the contract or takes the work out of the hands of the builder and arranges for the completion of the work either by contract or otherwise, the amount expended by the Corporation in that completion shall be deemed to have been advanced to the applicant or borrower under the mortgage.