Financial assistance to members: board-authorised credit and secured loans under articles, with member approval for director loans. The Board may provide financial assistance to members by short-term credit facilities for business purposes and by loans or advances secured as specified in the articles and subject to prescribed repayment terms; loans or advances to a director or a director's relative require approval by the members in general meeting.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Financial assistance to members: board-authorised credit and secured loans under articles, with member approval for director loans.
The Board may provide financial assistance to members by short-term credit facilities for business purposes and by loans or advances secured as specified in the articles and subject to prescribed repayment terms; loans or advances to a director or a director's relative require approval by the members in general meeting.
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