Section 15: Security for Fund facilities

(1) Any loan obtained from a mortgage institution shall be secured by a first mortgage.
(2)
Any loan granted by the bank to a mortgage institution shall be secured by a block of existing mortgages under cover of Sales and Administration Agreement to be executed between the bank and the mortgage institution.
(3) The Sales and Administration Agreement referred to in subsection (2) of this section shall be registrable in the Land Registry along with the Deed of Assignment of Mortgages to which the Agreement relates.