Section 401 Loan to invest in co-operative
(1)
This section applies to a loan to an individual that is used in one or more of the ways specified in subsection (2).
(2)
The ways are—
(a)
acquiring shares in a body which is a co-operative,
(b)
lending money to any such body which is used wholly and exclusively for the purposes of the business of that body or of a subsidiary of that body, and
(c)
repaying another loan to which this section applies.
(3)
In this Chapter—
“co-operative” means a common ownership enterprise or a co-operative enterprise as defined in section 2 of the Industrial Common Ownership Act 1976 (c. 78), and
“subsidiary”, in relation to a co-operative, has the same meaning as for the purposes of section 2 of that Act.