OpenLegislation

Paragraph 12

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Where a 1965 Act society has made a loan to a member of its managing body or to an officer of the society, there shall be stated–

(a)

the date on which the loan was made;

(b)

the name of the borrower;

(c)

whether the loan, if made to an officer, was made under his contract of employment with the association (if any);

(d)

the total amount outstanding in respect of the loan; and

(e)

the terms; including the rate of interest, on which the loan is, or purports to be, repayable.

(2)

Where a 1965 Act society has made a loan to an employee other than an officer of the society, there shall be stated–

(a)

the aggregate number of loans to such employees;

(b)

the aggregate amount of such loans outstanding;

(c)

the purposes of the loans; and

(d)

the terms, including the rates of interest, on which the loans are, or purport to be, repayable.