Part 10A company’s directors
Chapter 4Transactions with directors requiring approval of members
Loans, quasi-loans and credit transactions
202Meaning of “credit transaction”
1
A “credit transaction” is a transaction under which one party (“the creditor”)—
a
supplies any goods or sells any land under a hire-purchase agreement or a conditional sale agreement,
b
leases or hires any land or goods in return for periodical payments, or
c
otherwise disposes of land or supplies goods or services on the understanding that payment (whether in a lump sum or instalments or by way of periodical payments or otherwise) is to be deferred.
2
Any reference to the person for whose benefit a credit transaction is entered into is to the person to whom goods, land or services are supplied, sold, leased, hired or otherwise disposed of under the transaction.
3
In this section—
“conditional sale agreement” has the same meaning as in the Consumer Credit Act 1974 (c. 39); and
“services” means anything other than goods or land.