Section 62 — BANKING AND FINANCIAL INSTITUTIONS ACT 1989

(a)

any of its directors or officers or any other person receiving remuneration from it (other than any accountant, advocate, architect, estate agent, doctor and any other person receiving remuneration from it in respect of his professional services);

(b)

any body corporate or unincorporate, or a sole proprietorship, in which any of its directors or officers is a director or manager, or for which any of its directors or officers is a guarantor or an agent;

(c)

any corporation in which any of its directors or officers has any interest in the shares of that corporation; and

(d)

any person for whom any of its directors or officers has given any guarantee or other undertaking whatsoever involving financial liability.

(2)

A licensed institution may give to any of its officers or its executive director—

(a)

any loan which is provided for under his scheme of service; or

(b)

where there is no such provision and the institution is satisfied that special or compassionate circumstances exist, a loan not exceeding at any one time—

(i)

six months' remuneration of that officer or executive director; or

(ii)

his remuneration for such longer period as may be approved by the Bank, and subject to such other terms and conditions as the institution thinks fit.

(3)

The provisions of—

(a)

subsection (1) (a) shall not apply to the giving of any credit facility to the spouse, child or parent of an officer, including an executive director, of that licensed institution for the purchase of a house; and

(b)

subsection (1) (c) shall not apply to the giving of any credit facility by a licensed institution to—

(i)

a corporation in which any executive director or officer of that licensed institution has an interest in less than five per centum of the shares of that corporation;

(ii)

a corporation which is listed on a recognised stock exchange and in which no director, not being an executive director, of that licensed institution has any interest in more than five per centum of the voting shares of that corporation; or

(iii)

a corporation in which a director, not being an executive director, of that licensed institution has no interest in his personal capacity.

(4)

For the purposes of this section, "director" or "officer" includes a spouse, child or parent of a director or officer.