Section 89: Prohibition for borrowing money, etc

The Maharashtra Non-trading Corporations ActState Act of Maharashtra · Act 26 of 1959

It shall not be lawful for a corporation to borrow money, to grant loans or to raise loans, by acceptance of deposits, or the issue of debentures, chit funds or the like; provided that a corporation may borrow on the security of its immovable property from such bankers as may be approved by the State Government.

1 Now see the Code of Criminal Procedure, 1973 (2 of 1974).

1959 : XXVI] The Maharashtra Non-Trading Corporation Act 27

Where this provision sits

Act	The Maharashtra Non-trading Corporations Act
Section	89
Marginal note	Prohibition for borrowing money, etc
Jurisdiction	State of Maharashtra
Status	In force as published by the source

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