Section 401 | Loan to invest in co-operative

(1)This section applies to a loan to an individual that is used in one or more of the ways specified in subsection (2).

(2)The ways are—

(a)acquiring shares in a body which is a co-operative,

(b)lending money to any such body which is used wholly and exclusively for the purposes of the business of that body or of a subsidiary of that body, and

(c)repaying another loan to which this section applies.

(3)In this Chapter—

“co-operative” means a common ownership enterprise or a co-operative enterprise as defined in section 2 of the Industrial Common Ownership Act 1976 (c. 78), and

“subsidiary”, in relation to a co-operative, has the same meaning as for the purposes of section 2 of that Act.