Section 32
Control of credit limit
of Development Financial Institutions Act 2002
A director or officer of a prescribed institution shall not grant any financing facility in excess of the limit, or outside the scope of any terms and conditions, imposed on him by the prescribed institution, or in contravention of any directions given to him, or any agreement made with him, by the prescribed institution.
(2)
(Deleted by Act A1502).
(3)
Subsection (1) applies to the funds of the prescribed institution and any trust fund it manages under section 43.
(4)
The Bank may by written notice direct a prescribed institution to—
(a)
submit any information relating to its policy and procedure for the granting of any financing facility;
(b)
submit a report on the limit or the terms and conditions imposed, the directions given, and the agreements made, in relation to the authority of each of its directors or officers authorized to grant financing facilities; or
(c)
modify the policies or procedures referred to in paragraph (a), or vary the matters mentioned in paragraph (b), as the Bank deems fit and proper, either generally, or in relation to any class of directors or officers, or in relation to any particular director or officer, and such modification or variation shall be binding on the prescribed institution and its directors and officers.
Development Financial Institutions 51
(5)
(Deleted by Act A1502).