This legislation has been repealed.
A society registered
under the Building Societies Act 1920 or any Act in substitution therefor is
by force of this section lawfully entitled to make an advance to an approved
farmer “where the society is indemnified under this Act against any loss
incurred in respect of the advance, notwithstanding that, by virtue of the
provisions of that Act, or any provision in the rules, articles or
constitution of the society, such an advance would, for any reason or reasons,
otherwise be unlawful or ultra vires the powers of the society.