Loan to director by bank against company's property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 September 2014
my question is whether bank can give loan to director against mortgage of property owned by company in which he is director. Please help....
01 October 2014
In My opinion, bank can not give loan to a director on the mortgage of Company's property in his individual capacity. If director want to take loan as director for the company and to utilize the company for company's operations, the loan may be granted provide the director is authorized by a vaild resolution for arranging bank loan.
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