Exchange Control Act, 1954

Restriction on certain loans.

24.—(1) Except with the permission of the Minister, a person shall not lend any money or securities to any body corporate resident in the scheduled territories which is by any means controlled (whether directly or indirectly) by persons resident outside the scheduled territories.

(2) This section shall not apply where the lender after making such inquiries as are reasonable in the circumstances of the case does not know and has no reason to suspect that the body corporate is so controlled.