5. Amendment of section 12 of the principal enactment

Section 12 of the principal enactment is hereby amended by the repeal of paragraph (a) of that section and the substitution of the following paragraph :—

“(a)

to grant any loan, credit facility or any type of accommodation to any individual, company, partnership, any institute or to Housing Finance

Corporation for housing purposes, for the redemption of residential property in accordance with the directions issued by the Monetary Board under section 76J of the Banking Act, No. 30 of 1988.