C7C5Part 10A company's directors
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Chapter 4Transactions with directors requiring approval of members
Loans, quasi-loans and credit transactions
I1C4C6202C1C2C3Meaning of “credit transaction”
1
A “credit transaction” is a transaction under which one party (“the creditor”)—
a
supplies any goods or sells any land under a hire-purchase agreement or a conditional sale agreement,
b
leases or hires any land or goods in return for periodical payments, or
c
otherwise disposes of land or supplies goods or services on the understanding that payment (whether in a lump sum or instalments or by way of periodical payments or otherwise) is to be deferred.
2
Any reference to the person for whose benefit a credit transaction is entered into is to the person to whom goods, land or services are supplied, sold, leased, hired or otherwise disposed of under the transaction.
3
In this section—
“conditional sale agreement” has the same meaning as in the Consumer Credit Act 1974 (c. 39); and
“services” means anything other than goods or land.
Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))