66 Sanctions for breach of s 65
Building Societies Act 1986 (1986 c 53) | Legislation

66  Sanctions for breach of s 65

(1)     If a building society enters into a transaction or arrangement contravening section 65, the transaction or arrangement is voidable at the instance of the society unless—

(a)     restitution of any money or any other assets which is the subject matter of the arrangement or transaction is no longer possible, or the society has been indemnified in pursuance of subsection (2)(b) below for the loss or damage suffered by it, or

(b)     any rights acquired in good faith, for value and without actual notice of the contravention by a person other than the person for whom the transaction or arrangement was made would be affected by its avoidance.

(2)     Where a transaction or arrangement contravening section 65 is made by a building society for a director

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