Section Section 17
, 1S[(Z) purchase, sell O discount any bill of exchange or promissory note thoug
section 17, 1S[(Z) purchase, sell O discount any bill of exchange or promissory note though such bill Or promissory note is not eligible for purchase Or discount by the Bank under that section; o] 16*
17[(3) make loans o advances to State co-operative bank, O on the recommendation of a State co-operative bank, to a cooperative society registered within the area in which the State cooperative bank operates, o any other person, repayable on demand or o the expiry of the fixed periods, not exceeding ninety days, on such terms and conditions as the Bank may consider to be sufficient:] 18*
19*
The words *and Burma" omitted by Act 1l of 1947,s. 11 (w.e.f: 1-4-1947). 2. Subs by Act 32 of 1951,s. 7, for "share capital" (w.e.f: 1-11-1951). 3 Clause (14A omitted by Act 38 of 1959, 64 and the Third Schedule (w.e.f: 1-10-1959) which was inserted by Act 79 of 1956, s. 43 and the Second Schedule (w.e.f: 22-10-1956). 4. The words "and the making and issue of Burma notes in accordance with the law of Burma omitted by Act 1l of 1947, s. 11 (w.e.f. 1-4-1947) which was inserted by the M.O. 1937. 5. The word "and" omitted by Ordinance 47 of 1945,s_ 6. 6. Subs. by Act 23 of 1955, s. 52 and the Third Schedule for clause (1SA) (w.e.f: 1-7-1955). 7. Ins. by Act 58 of 1968, s. 24 (w.e.f: 1-2-1969). 8 The words *and the law of Burma omitted by Act 1 of 1947, 11 (w.e.f: 1-4-1947) which was inserted by the M.O. 1937_ The brackets and figures *(1)" omitted by Act 51 of 1974, s. 7 (w.e.f: 13-12-1974) 10. Subs. by Act 32 of 1951,s. 8, for "Central Board" (W.e.f: 1-1-1951). 11. Certain words omitted by Act 62 of 1948, s_ and the Schedule (w.e.f: 1-1-1949). 12. Subs. by Act 51 of 1974,s_ 7,for *under this sub-section" (w.e.f: 13-12-1974). 13_ The words *or Burman omitted by Act 11 of 1947, 12 (w.e.f: 1-4-1947) which was inserted by the MO. 1937. 14. The words, brackets letters and figures "sub-clauses (a) and (b) of clause (2) or sub-clause (a) o (b) of clause (3) or clause of' omitted by Act 51 of 1974, s. 7 (w.e.f: 13-12-1974). 15. Subs. by $. 7, ibid. for clause (1) (w.e.f: 13-12-1974). 16. Clause (2) omitted by Act 24 of 1978, s_ 5 (w.e.f: 21-7-1978). 17. Subs. by Act 51 of 1974 s. 7, for clause (3) (W.e.f: 13-12-1974) 18 The proviso omitted by Act 62 of 1948, s and the Schedule (w.e.f. 1-1-1949)_ 19. Sub-section (2) omitted by Act 51 of 1974, $. (w.e.f: 13-12-1974)-
22
[18A. Validity of loan or advance not to be questioned.~Notwithstanding anything to the contrary contained in any other law for the time being in force; the validity of any loan or advance granted by the Bank in pursuance of the provisions of this Act shall not be called in question merely o the ground of non-compliance with the requirements of such other law as aforesaid Or of any resolution, contract, memorandum, articles of association Or other instrument: Provided that nothing in this clause shall render valid any loan or advance obtained by any company or co-operative society where such company Or cO-operative society is not empowered by its memorandum to obtain loans or advances; (b) where a loan or advance has been granted under clause (34) or under clause (3B) or
Roop's Law Assist