(1) In these regulations, unless the context otherwise requires,—
auditor means a qualified auditor
broker means a contributory mortgage broker
company means a company within the meaning of the Companies Act 1955 or the Companies Act 1993, as the case may be
contribution means money paid by any person for the purpose of obtaining, or that is used to obtain, an interest in a contributory mortgage; and includes money owing under a contributory mortgage to a contributory mortgage broker or that broker's nominee company
contributory mortgage means a mortgage of land that—
and, for the purposes of this definition, money owing to not more than 5 persons as joint tenants shall be deemed to be owed to one person
contributory mortgage broker means a person (not being a mortgagor under the mortgage or any other person to whom or for whose benefit any money is lent in consideration for the mortgage given by the mortgagor) who—
finance rate has the same meaning as in the Credit Contracts Act 1981
general authority means an authority given by a contributor to a broker that complies with regulation 6(1)
government valuation in relation to any land, means the capital value of the land set forth in a district valuation roll in accordance with the Valuation of Land Act 1951
interest in a contributory mortgage means an interest in, or right to receive, the whole or part of any moneys secured by a contributory mortgage
modified land value means an amount equal to the land value of any land after deduction of the costs of removal or demolition of any buildings or improvements on the land
nominee mortgage means a contributory mortgage held in the name of a nominee company as a mortgagee
principal sum in relation to a contributory mortgage, means the sum specified in the mortgage as the amount payable by the mortgagor to the mortgagee, other than the following amounts:
registered valuer means a person who is a registered valuer within the meaning of the Valuers Act 1948
special authority means an authority given by a contributor to a broker that complies with regulation 6(5)
trust account means a current account established and maintained in accordance with regulation 17.
(3) In these regulations contributions of a contributor which are credited to the account of a mortgagor under an existing contributory mortgage for the purpose of repaying, whether directly or indirectly, the contributions of another contributor or money paid by a broker for an interest in a contributory mortgage, as the case may be, shall be deemed to be contributions which are paid to a vendor of an interest in a contributory mortgage.
(4) Where any term or expression used in these regulations is not defined in these regulations but is defined in the Act, that term or expression shall, unless the context otherwise requires, have, in these regulations, the meaning given to it by the Act.