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Restriction On Loans, Etc To Directors And Persons Connected With Them

Volume 98: debated on Wednesday 4 June 1986

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendments made: No. 188, inppage 90, line 10 after `which', insert

', when aggregated with any other relevant loans,'.

No. 189, in page 90, line 17 after 'which', insert

', when aggregated with any other relevant loans,'.

No 190, in page 90, line 24 after 'which', insert

', when aggregated with the value of any other relevant leases or hirings,'.

No. 191, in page 90, line 31 after 'amounting', insert

`, when aggregated with any other relevant payment,'.

No. 192, in page 91, line 15 after 'provided', insert

', when aggregated with any other relevant provision of funds,'.

No. 193, in page 91, line 30 at end insert—

'(9A) In this section—
"authorising provision" and "authorised", in relation to a transaction of a description falling within paragraph (a), (b) or (c) of subsection (1) above, mean respectively any provision of subsection (2), (3) or (4) or constituted by subsection (5) above and any transaction or thing done to which that paragraph does not apply or which is not precluded from being done by virtue of that provision; "outstanding", in relation to loans, means outstanding in respect of principal and interest and, in relation to the provision of funds subject to a condition for repayment or discharge of any other liability, means unpaid or undischarged to any extent; "provision of funds" includes anything else which, by virtue of subsection (5) above, a society is not precluded from doing by subsection (1) above; and "relevant", in relation to a transaction of a description falling within paragraph (a), (b) or (c) of subsection (1) above, means an outstanding or, in the case of a lease or hiring, current transaction of that description (whether entered into by, or by arrangement with, the society) not being one authorised by any other authorising provision.'. —[Mr. Ian Stewart.]