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Substitution of new section for section 185.

Section 61 - Acts - Finance Act - Section 61 - 61. For section 185 of the principal Act, the following section shall be substituted, namely:- Loans to directors, etc '185. (1) No company shall, directly or indirectly, advance any loan, including .....

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(b) any firm in which any such director or relative is a partner. (2) A company may advance any loan including any loan represented by a book debt, or give any guarantee or provide any security in connection with any loan taken by any person in whom .....

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ose the full particulars of the loans given, or guarantee given or security provided and the purpose for which the loan or guarantee or security is proposed to be utilised by the recipient of the loan or guarantee or security and any other relevant f .....

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s- (a) any private company of which any such director is a director or member; (b) any body corporate at a general meeting of which not less than twenty-five per cent. of the total voting power may be exercised or controlled by any such director, or .....

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the lending company. (3) Nothing contained in sub-sections (1) and (2) shall apply to- (a) the giving of any loan to a managing or whole-time director- (i) as a part of the conditions of service extended by the company to all its employees; or (ii) .....

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nterest is charged at a rate not less than the rate of prevailing yield of one year, three years, five years or ten years Government security closest to the tenor of the loan; or (c) any loan made by a holding company to its wholly owned subsidiary c .....

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nancial institution to its subsidiary company: Provided that the loans made under clauses (c) and (d) are utilised by the subsidiary company for its principal business activities. (4) If any loan is advanced or a guarantee or security is given or pro .....

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