(1) A building society shall maintain a register containing a copy of every subsisting transaction or arrangement (other than a transaction or arrangement excepted by subsection (6)) falling within section 57(1) made for a director or a person connected with a director of the society during the current financial year or any of the preceding 10 financial years, but excluding years prior to 1989.

(1A) Subsection (1) shall not require a building society to keep in its register a copy of a transaction or arrangement made for a connected person if -

(a) it is entered into by the society in the ordinary course of its business, and

(b) its value is not greater, and its terms no more favourable, in respect of the person for whom it is made, than that or those which -

(i) the society ordinarily offers, or

(ii) it is reasonable to expect the society to have offered,

to or in respect of a person of the same financial standing but unconnected with the society.

(2) In the case of a transaction or arrangement which is not in writing, there shall be kept in the register a written memorandum setting out its terms.