[66A Transactions with directors and persons connected with them]
Building Societies Act 1986 (1986 c 53) | Legislation

[66A  Transactions with directors and persons connected with them]

[(1)     This section applies where a building society enters into a transaction the parties to which include—

(a)     a director of the society; or

(b)     a person connected with such a director,

and the board of directors, in connection with the transaction, exceed any limitation on their powers by reason of anything included in the society's constitution, that is to say, its memorandum and rules.

(2)     The transaction is voidable at the instance of the society.

(3)     Whether or not it is avoided, any such party to the transaction as is mentioned in subsection (1)(a) or (b) above, and any director

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