Section 16Part 8 — Advances to Members
Power to make advances on freehold securities
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A society established under this Law may make advances to members out of its funds upon security of freehold property by way of mortgage and shall have power to foreclose such mortgage:
Provided that any land to which such society may become absolutely entitled by foreclosure, surrender or other extinguishment of the right of redemption shall, as soon after as may be conveniently practicable, be sold or converted into money.