Approval requirement for loans by exempt companies does not apply to continuation of instruments after exemption ceases. Loans, guarantees and securities made, given or provided by companies while exempt under the provisions remain outside the approval requirement when the exemption later ceases; therefore approval under the cited provisions is not required for the continuance of those existing instruments after cessation of the exemption.
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.
Approval requirement for loans by exempt companies does not apply to continuation of instruments after exemption ceases.
Loans, guarantees and securities made, given or provided by companies while exempt under the provisions remain outside the approval requirement when the exemption later ceases; therefore approval under the cited provisions is not required for the continuance of those existing instruments after cessation of the exemption.
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