NATIONAL MORTGAGE, FINANCING AND GUARANTEE SCHEME ACT - 1976 (SMCD 23)

    Section - 15 - Special Terms for Organisations.

    (1) Subject to the provisions of this Decree, where an organisation which is engaged in the construction of dwelling houses for sale, obtains a loan for such purpose the Bank may provide for such special terms and conditions as it deems fit in any agreement or mortgage relating to such loan.

    (2) The Bank may in particular, and without prejudice to the generality of subsection (1) of this section, provide for the inclusion of a term in any agreement or mortgage referred to in that subsection to the effect that notwithstanding the provisions of section 12 of the Mortgages Decree, 1972 a transfer by sale of any dwelling house under the Scheme shall relieve the organisation effecting the transfer of its personal liability on any covenant in the mortgage and for the transfer of such liability to the transferee, and such condition shall have effect accordingly.

    (3) Subsections (2) and (3) of the said section 12 shall be deemed to be modified to the extent necessary to give full effect to any condition imposed by virtue of subsection (2) of this section.