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Section 378ZK: Loan, etc., to Members.

The Companies Act, 2013Central Act · Act 18 of 2013

[378ZK. Loan, etc., to Members.-- The Board may, subject to the provisions made in articles, provide financial assistance to the Members of the Producer Company by way of--

(a) credit facility, to any Member, in connection with the business of the Producer Company, for a period not exceeding six months;

(b) loans and advances, against security specified in articles to any Member, repayable within a period exceeding three months but not exceeding seven years from the date of disbursement of such loan or advances:

Provided that any loan or advance to any director or his relative shall be granted only after the approval by the Members in general meeting.]

Where this provision sits

ActThe Companies Act, 2013
Section378ZK
Marginal noteLoan, etc., to Members.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 29 of 2020. . Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).

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