29. Exemption: interest paid on approved borrowings by mortgage companies
Where a company carries on a business which consists of lending of moneys in relation to mortgages, the interest from which is exempt under section 28, the Minister may, by order published in the Gazette exempt, in the hands of the debenture holders, the amount of any interest payable by that company in respect of debenture borrowing by it for the purpose of financing the purchase, construction or reconstruction of houses where he or she is satisfied as to the reasonableness of—
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(a) the period during which the debenture issue is to be repaid; and
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(b) the rate of interest payable thereon by the company.