https://www.taxtmi.com/caselaws?id=97036 A company may borrow from one of its directors where its memorandum and articles authorise borrowing for the stated business purpose, provided there is full disclosure and fairness; the director's fiduciary position does not by itself invalidate the transaction. On limitation, a fixed-term deposit is not a demand deposit, so the three-year period runs from the date the amount becomes payable and Article 60 does not apply. An alleged board resolution did not amount to a valid acknowledgment, the balance sheets were not satisfactorily proved as acknowledgments, and section 14 was unavailable because the winding-up proceeding involved a different cause of action. en-us Thu, 25 Aug 1949 00:00:00 +0530 Fri, 13 Jan 2012 17:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97036 A company may borrow from one of its directors where its memorandum and articles authorise borrowing for the stated business purpose, provided there is full disclosure and fairness; the director's fiduciary position does not by itself invalidate the transaction. On limitation, a fixed-term deposit is not a demand deposit, so the three-year period runs from the date the amount becomes payable and Article 60 does not apply. An alleged board resolution did not amount to a valid acknowledgment, the balance sheets were not satisfactorily proved as acknowledgments, and section 14 was unavailable because the winding-up proceeding involved a different cause of action. Case-Laws Companies Law Thu, 25 Aug 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97036