69 Disclosure and record of income of related businesses
Building Societies Act 1986 (1986 c 53) | Legislation

Disclosure and record of related businesses

69  Disclosure and record of income of related businesses

(1)     Where, at any time during a financial year of a building society, a person both is a director or other officer of a building society and is, or is a director of or partner in, a business associate of the society, this section shall apply, as respects that year, to that person in relation to the business of the business associate.

(2)     A person is a “business associate” of a building society in any financial year of the society if that person—

(a)     carries on a business which consists of or includes the provision of relevant services,

(b)     provides relevant services during that year to, or to other persons in connection with [loans] secured on land made by, the society, and

[(c)     is not a connected undertaking of the society;]

and “associated” has a corresponding meaning.

(3)     The following are relevant services—

(a)     conveyancing services provided by a solicitor;

(b)     surveying and valuing land or other property;

(c)     accountancy services;

(d)     arranging for the provision of insurance against loss of or damage to property or on human life;

(e)     any other services designated

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