State Act
89
Section 89. Prohibition for borrowing money, etc.
The Maharashtra Non-trading Corporations Act
Act no. 26 of 19591959In forceMaharashtra (State Act)
89. Prohibition for borrowing money, etc.— 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.