199. Other Relevant Transactions Or Arrangements

(1) This section has effect for determining what are “other relevant transactions or arrangements” for the purposes of any exception to section 186 (loans to directors), 187 (quasi-loans to directors), 189 (loans or quasi-loans to persons connected with directors) or 190 (credit transactions).
In the following provisions “the relevant exception” means the exception for the purposes of which that falls to be determined.
(2) Other relevant transactions or arrangements are those previously entered into, or entered into at the same time as the transaction or arrangement in question in relation to which the following conditions are met.
(3) Where the transaction or arrangement in question is entered into–
(a) for a director of the company entering into it, or
(b) for a person connected with such a director,
the conditions are that the transaction or arrangement was (or is) entered into for that director, or a person connected with him, by virtue of the relevant exception by that company or by any of its subsidiaries.
(4) Where the transaction or arrangement in question is entered into–
(a) for a director of the holding company of the company entering into it, or
(b) for a person connected with such a director,
the conditions are that the transaction or arrangement was (or is) entered into for that director, or a person connected with him, by virtue of the relevant exception by the holding company or by any of its subsidiaries.
(5) A transaction or arrangement entered into by a company that at the time it was entered into–
(a) was a subsidiary of the company entering into the transaction or arrangement in question, or
(b) was a subsidiary of that company’s holding company,
is not a relevant transaction or arrangement if, at the time the question arises whether the transaction or arrangement in question falls within a relevant exception, it is no longer such a subsidiary.