Paragraph 24 I1

(1)

In subsection (1) of section 65 of the 1986 Act (restrictions on loans etc. to directors)—

(a)

in paragraph (a), for the words “an advance or other loan” there shall be substituted the words “ a loan ”; and

(b)

in paragraph (c), for the words “any services for the time being specified in Part I of Schedule 8 to this Act” there shall be substituted the words “ any service of a kind which is provided by building societies for individuals in the ordinary course of business ”.

(2)

In subsection (10) of that section—

(a)

the word “and” immediately following the definition of “provision of funds” shall cease to have effect; and

(b)

after the definition of “relevant” there shall be inserted the following definition—

““subsidiary” has the meaning given by section 736 of the M1Companies Act 1985.”

Annotations

Marginal citations

M1: 1985 c.6.

Commencement

I1: Sch. 7 para. 24 in force at 1.12.1997 by S.I. 1997/2668, art. 2, Sch. Pt. II (subject as mentioned in art. 2(2)-(5) of that S.I.)