Can a private limited company use it's cash credit limit sanctioned for business to purchase a land for industrial use?
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Use of cash credit limit to buy land
Replies (3)
Quick Summary
Yes, company is allowed to use CC for land purchase
@ honourable Rashmi Gandhi mam ,could you please explain me the section 6 of companies act what actually tells us
ACT TO OVER-RIDE MEMORANDUM, ARTICLES, ETC.(b) any provision contained in the memorandum, articles, agreement or resolution shall, to the extent to which it is repugnant to the provisions of this Act, become or be void, as the case may be.
ACT TO OVER-RIDE MEMORANDUM, ARTICLES, ETC.(b) any provision contained in the memorandum, articles, agreement or resolution shall, to the extent to which it is repugnant to the provisions of this Act, become or be void, as the case may be.
All companies cannot purchase land subject to the conditions mentioned in memorandum of association and articles of association.
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