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TMI BlogRestrictions on powers of Board.X X X X Extracts X X X X X X X X Extracts X X X X ..... e dispose of the whole, or substantially the whole, of the undertaking of the company, or where the company owns more than one undertaking, of the whole, or substantially the whole, of any such undertaking; (b) remit, or give time for the repayment of, any debt due by a director [1][except in the case of renewal or continuance of an advance made by a banking company to its director in the ordina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erves not set apart for any specific purpose; or (e) contribute, after the commencement of this Act, to charitable and other funds not directly relating to the business of the company or the welfare of its employees, any amounts the aggregate of which will, in any financial year, exceed [3][fifty thousand rupees], or five per cent, of its average net profits as determined in accordance with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t does not include loans raised for the purpose of financing expenditure of a capital nature.] [5][Explanation III]. Where a portion of a financial year of the company falls before the commencement of this Act, and a portion falls after such commencement, the later portion shall be deemed to be a financial year within the meaning, and for the purposes, of clause (e). (2) Nothing contained in cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o effect any reduction in its capital except in accordance with the provisions contained in that behalf in this Act. (4) The acceptance by a banking company, in the ordinary course of its business, of deposits of money from the public, repayable on demand or otherwise, and withdraw able by cheque, draft, order or otherwise, shall not be deemed to be a borrowing of moneys by the banking company wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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