§ [The references ore to Bill [115] as first printed for the House of Commons.]
§
Clause 1, page 1, line 20, at end insert—
("For the purposes of paragraph (c) of this subsection, the amount in which a person is indebted to the building society shall be ascertained both immediately after the making of the advance and also at the end of a period of three months beginning with the date of the advance or (if sooner) at the end of the financial year in which the advance was made; and that paragraph shall not apply to an advance to any person so as to make it a special advance unless either the amount so ascertained on the first occasion exceeded ten thousand pounds (or, in a year for which references in this subsection to five thousand pounds are to he taken as references to a sum prescribed under this section, twice the amount of that sum) or the amount so ascertained on the second occasion exceeded five thousand pounds (or such other sum as may be prescribed under this section)".)
§ page 2, line 34, at end insert ("and may not make in that year any advances as respects which it cannot be ascertained at the time they are made whether they will be special advances or not")
§ page 2, line 38, at end insert ("and shall not make in that year any advances as respects which it cannot be ascertained at the time they are made whether they will be special advances or not").
§ VISCOUNT HAILSHAMMy Lords, may I move Amendments Nos. 1 to 3 in the first group? They deal with the case where a man gets an advance from a building society to buy a new house before the sale of his old house has been completed. The Amendments provide that if, as a result, two advances are outstanding to a single borrower for a short time, bringing his total indebtedness to more than £5,000 but less than £10,000, the second advance need not count as a special advance if the indebtedness is reduced to below £5,000 within three months or before the end of the financial year, whichever is the shorter period. This avoids what might otherwise have been something of an anomaly. I beg to move that this House doth agree with the Commons in the said Amendments.
§ Moved, That this House doth agree with the Commons in the said Amendments.—(Viscount Hailsham.)
§ On Question, Motion agreed to.