SCHEDULES

SCHEDULE 7 Other amendments of 1986 Act

Restrictions on loans etc. to directors

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1

In subsection (1) of section 65 of the 1986 Act (restrictions on loans etc. to directors)—

a

in paragraph (a), for the words “an advance or other loan” there shall be substituted the words “ a loan ”; and

b

in paragraph (c), for the words “any services for the time being specified in Part I of Schedule 8 to this Act” there shall be substituted the words “ any service of a kind which is provided by building societies for individuals in the ordinary course of business ”.

2

In subsection (10) of that section—

a

the word “and” immediately following the definition of “provision of funds” shall cease to have effect; and

b

after the definition of “relevant” there shall be inserted the following definition—

  • “subsidiary” has the meaning given by section 736 of the M1Companies Act 1985.