Section 59. Advance against security of own shares or shares of holding company. (BANKING AND FINANCIAL INSTITUTIONS ACT 1989

ACT 372
BANKING AND FINANCIAL INSTITUTIONS ACT 1989

PART IX - RESTRICTIONS ON BUSINESS OF LICENSED INSTITUTIONS

Section 59. Advance against security of own shares or shares of holding company.

A licensed institution shall not give any credit facility, or enter into any other transaction, against the security of its own shares or the shares of its holding company.