http://www.legislation.gov.uk/uksi/1995/1872/schedule/made

The Building Societies (Limits on Transactions with Directors) Order 1995

Building societies

King's Printer of Acts of Parliament

2011-07-04

BUILDING SOCIETIES

Section 64(1) of the Building Societies Act 1986 prohibits a building society from entering into arrangements whereby a director or a person connected with him acquires non-cash assets of the requisite value from the society, or whereby the society acquires non-cash assets of the requisite value from a director or connected person unless in either case the arrangement is approved by a resolution passed in a general meeting. Section 64(2) fixes the requisite value for that purpose at £50,000, or in the case of societies with reserves less than £500,000, ten per cent. of these reserves, or £1,000, whichever be the higher. Section 64(3) enables the Building Societies Commission, by order made with Treasury consent, to vary these amounts. This Order increases the figure for the maximum requisite value from £50,000 to £100,000.