Bombay Non-trading Corporations Act, 1959, (Maharashtra) Section 89 - Bare Act |
| State | Maharashtra Government |
| Year | 1959 |
| Section Title | 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.