29. Limits of borrowing power
In calculating the amount for the time being secured to a society by hypothecary obligations or mortgages from its members for the purpose of ascertaining the limits of its power to receive deposits or loans at interest, the amount secured on properties the payments in respect of which were upwards of 12 months in arrear at the date of the society's last preceding annual account and statement, and the amount secured on properties of which the society had been 12 months in possession at the date of such account and statement, shall be disregarded. However, this section shall not affect the validity of any deposit or loan which was within the limit provided by law at the time when it was received.