64 Substantial property transactions involving directors and connected persons
Building Societies Act 1986 (1986 c 53) | Legislation

64  Substantial property transactions involving directors and connected persons

(1)     A building society shall not enter into an arrangement—

(a)     whereby a director of the society, or a person connected with a director of the society, acquires or is to acquire one or more non-cash assets of the requisite value from the society; or

(b)     whereby the society acquires or is to acquire one or more non-cash assets of the requisite value from a director of the society or a person connected with a director of the society,

unless the arrangement is first approved by a resolution of the society passed at a general meeting.

(2)     For this purpose a non-cash asset is of the requisite value if at the time the arrangement in question is entered into its value is—

(a)     except in a case falling within paragraph (b) below, not less than [£200,000]; and

(b)     where the last balance sheet of the society showed reserves amounting to less

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