Building Societies Act, 1989
Connected persons. |
52.—(1) For the purposes of this Part, a person is connected with a director of a building society if, but only if, he is— | |
(a) that director's spouse, parent, brother, sister or child; or | ||
(b) a body corporate with which the director is associated; or | ||
(c) a person acting in his capacity as the trustee (other than as trustee under an employees' share scheme or a pension scheme) of any trust the beneficiaries of which include the director, his spouse or any of his children or a body corporate with which he is associated or the terms of which confer a power on the trustees that may be exercised for the benefit of the director, his spouse or any of his children or any such body corporate; or | ||
(d) a person acting in his capacity as partner of that director or of any person who, by virtue of paragraph (a), (b) or (c) is connected with that director; | ||
unless that person is also a director of the society. | ||
(2) A director of a society is associated with a body corporate if he and his spouse, parent, brother, sister or child or a person acting in his capacity as trustee of any trust the beneficiaries of which include the director, his spouse or any of his children between them either— | ||
(a) own at least one-fifth of that body's equity share capital within the meaning of the Companies Act, 1963 , or | ||
(b) are entitled to exercise or control the exercise of more than one-fifth of the voting power of that body at any general meeting. | ||
(3) In subsection (1) “child” includes a step-child and “son”, “daughter” and “parent” shall be construed accordingly. |