# Companies Act 1985, Paragraph 3

Extent: E+W+S

Where a banking company, or a company which is the holding company of a credit institution, takes advantage of the provisions of paragraph 2 of this Part of this Schedule for the purposes of its annual accounts for a financial year, then, in preparing those accounts, it shall comply with the provisions of Part III of Schedule 6 (other transactions, arrangements and agreements) only in relation to a transaction, arrangement or agreement made by that banking company or (as the case may be) credit institution for—
(a) a person who was a director of the company preparing the accounts, or who was connected with such a director, or
(b) a person who was a chief executive or manager . . . of that company or its holding company.
(2) References in that Part to officers of the company shall be construed accordingly as including references to such persons.
(3) In this paragraph—
(a) “director” includes a shadow director;
(b) “chief executive” has the meaning given in section 417 of the Financial Services and Markets Act 2000; and
(c) “manager” has the meaning given in section 423(3) of that Act.
(4) For the purposes of that Part as it applies by virtue of this paragraph, a body corporate which a person does not control shall not be treated as connected with him.
(5) Sections 252 to 255 of, and Schedule 1 to, the Companies Act 2006 apply for the purposes of this paragraph as regards the interpretation of references to a person being connected with a director or controlling a body corporate.

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Source: https://www.legislation.gov.uk/ukpga/1985/6/schedule/9/paragraph/3 (the official version)
Page: https://openlegislation.uk/companies-act-1985/schedule-9/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.