Hi,
As per new provisions of the Act, the Director is allowed to give loans to be company subject to condition that the loan given is itself not a loan taken by any director.
Further, member is allowed to give loan upto a limit of 100% and free reserves. Beyond that it shall be considered deposit.
Here my query is, what if director is also a member?
What provisions shall be followed in this case?
He will be considered as Director and deposit shall be exempted deposit.
Thanks for reply...
Is it clarified anywhere in the Act?
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