(1) As respects any financial statements prepared by any company which is the holding company of a credit institution the requirements of section 307 do not apply in relation to any of the following to which the credit institution is a party, namely:
(a) a loan, quasi-loan or other transaction referred to in section 307(1)(a) or (2)(a) entered into with or for a person connected with a director of that holding company or institution;
(b) an agreement referred to in section 307(1)(b) or (2)(b) to enter into a loan, quasiloan or other transaction referred to in that provision with or for a person connected with a director of that holding company or institution;
(c) a guarantee entered into or security provided as mentioned in section 307(1)(c) or (2)(c) on behalf of a person connected with any of the directors referred to in that provision (being any of the directors of the holding company or institution) in connection with a loan, quasi-loan or credit transaction entered into with or fo
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