Other transactions, arrangements and agreements
3.—(1) Part III of Schedule 6 (other transactions, arrangements and agreements) applies for the purposes of accounts prepared by a banking company, or a company which is the holding company of a banking company, only in relation to a transaction, arrangement or agreement made by that banking company 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 (within the meaning of the Banking Act 1987(1)) 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 “director” includes a shadow director.
(4) For the purposes of that Part as it applies by virtue of this paragraph, a company which a person does not control shall not be treated as connected with him.
(5) Article 354 applies for the purposes of this paragraph as regards the interpretation of references to a person being connected with a director or controlling a company.