Real Estate Loan Companies holding the licence specified in Article 63 of Lebanon Decision No. 1329/1922 issued on 20 March 1922 shall be entitled to conclude short- or long-term mortgage loans, whether redeemable or non-redeemable, in the countries under French mandate, on real estate located in cities and villages, under the conditions specified in the following provisions, which apply to previously licensed companies or those that may be subsequently licensed.

The licence referred to in Article 63 of the above-mentioned Lebanon Decision No. 1329/1922 shall be granted by a letter from the High Commissioner. This licence may be granted to companies, whether they are borrowers or lenders.

Licences previously granted shall remain effective without any further procedure.