https://www.taxtmi.com/acts?id=12725 No company may make loans, give guarantees, or provide securities in connection with loans to bodies corporate under the same management unless previously authorised by a special resolution; prescribed percentage thresholds and aggregate ceilings apply for loans to bodies corporate not under the same management. The provision treats loans to firms with a partner that is a related body corporate as loans to that body corporate, defines "same management" by reference to managerial control, director majorities, shared voting power or majority common shareholding, and requires a register of such transactions with penalties for default, while listing specific statutory exemptions and treating book debts not originally in the nature of loans as outside the section. en-us Sat, 14 May 2011 11:44:44 +0530 Sat, 14 May 2011 11:44:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12725 No company may make loans, give guarantees, or provide securities in connection with loans to bodies corporate under the same management unless previously authorised by a special resolution; prescribed percentage thresholds and aggregate ceilings apply for loans to bodies corporate not under the same management. The provision treats loans to firms with a partner that is a related body corporate as loans to that body corporate, defines "same management" by reference to managerial control, director majorities, shared voting power or majority common shareholding, and requires a register of such transactions with penalties for default, while listing specific statutory exemptions and treating book debts not originally in the nature of loans as outside the section. Act-Rules Companies Law Sat, 14 May 2011 11:44:44 +0530 https://www.taxtmi.com/acts?id=12725