LawgistThe National Bank for Agriculture and Rural Development Act
36Validity 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 National Bank in pursuance of the provisions of this Act shall not be called in question merely on 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 section 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.
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CREDIT FUNCTIONS OF THE NATIONAL BANK
- 21 Production and marketing credit
- 22 Conversion loan for production credit
- 23 Rescheduling of loans to artisans, small-scale industries, etc
- 24 Investment credit--medium term
- 25 Other investment credit
- 26 Purchase and sale of shares
- 27 Loans to State Governments for share capital contribution
- 27A Loans to State Government, undertakings, etc
- 28 Security for credit
- 29 Amounts and securities to be held in trust
- 30 Direct loans
- 30A Bills rediscounting
- 31 Commission
- 32 Issue of guarantees
- 33 Power to impose conditions for accommodation
- 34 Power to call for repayment before agreed period
- 35 National Bank to have access to records
- 36 Validity of loan or advance not to be questioned
- 37 National Bank not to grant loans or advances against its own bonds or debentures
- 37A Prohibited business
