65 Restriction on loans, etc to directors and persons connected with them
Building Societies Act 1986 (1986 c 53) | Legislation

65  Restriction on loans, etc to directors and persons connected with them

(1)     Subject to the following provisions of this section, a building society shall not—

(a)     make [a loan] to a director or a person connected with a director of the society; or

(b)     dispose of property by way of lease or hire to a director or a person connected with a director of the society; or

(c)     make a payment on behalf of a director or a person connected with a director of the society in connection with the provision of [any service of a kind which is provided by building societies for individuals in the ordinary course of business]; or

(d)     enter into a guarantee or provide any security which is incidental to or connected with any such loan, disposal of property or payment; or

(e)     take part in any arrangement whereby—

(i)     another person enters into a transaction which, if it had been entered into by the society, would have contravened any of paragraphs (a) to (d) above; and

(ii)     that other person, in pursuance of the arrangement has obtained or is to obtain any benefit from the society or a subsidiary of the society.

(2)

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