(1) A building society may make to members loans, (referred to in this Act as 'housing loans'), including, with the approval of the Central Bank, loans in a currency other than the currency of the State, on the security of a mortgage of a freehold or leasehold estate or interest in a house -
(a) for the purpose of enabling the member to provide or improve the house or to purchase the said estate or interest,
(b) where such loans are used in whole or in part to repay any indebtedness previously incurred for any of the purposes referred to in paragraph (a), or
(c) where such loans are in addition to, or an increase of, any loans referred to in paragraph (a) or (b).
(2) The power to make housing loans includes power to make them on such terms as may be approved by the Central Bank even if the amount due to the society may exceed the value of the security at any time after the loan has been made and, where the amount due to the society in respect of capital exceeds the amount of the loan,
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