Certain dealings by directors prohibited
54 Certain dealings by directors prohibited
A director or other officer of a society shall not, except where specifically authorized by a special resolution of the society—
sell any land to or act as agent for the sale of any land to a member of the society who proposes to pay for the same, in whole or in part, out of an advance made by the society;
undertake the erection or act as agent in respect of the erection of any dwelling-house for a member of the society who proposes to pay for the same, in whole or in part, out of an advance made by the society; or
accept as payment in whole or in part of any moneys due to him by a member of the society the whole or part of any advance made by the society to such member.
No. 6138 s. 55.
This Act’s bill:Second reading speech
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