Section 43
Validity of loan or advance not to be questioned.
The Small Industries Development Bank of India Act, 1989
About this Act
An Act to establish the Small Industries Development Bank of India as the principal financial institution for the promotion, financing and development of industry in the small-scale sector and to co-ordinate the functions of the institutions engaged in the promotion, financing or developing industry in the small-scale sector and for matters connected therewith or incidental thereto.
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
Small Industries 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.
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.