Loans to members: board-authorised credit and secured advances under articles; director-relative loans require member approval. The Board of a Producer Company may, subject to the articles, provide financial assistance to members by way of a short-term credit facility connected to company business or by loans and advances against security specified in the articles with defined repayment terms; loans or advances to a director or the 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.
Loans to members: board-authorised credit and secured advances under articles; director-relative loans require member approval.
The Board of a Producer Company may, subject to the articles, provide financial assistance to members by way of a short-term credit facility connected to company business or by loans and advances against security specified in the articles with defined repayment terms; loans or advances to a director or the director's relative require approval by the members in general meeting.
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