Section 17Section 17

s. 17

17 [(1) The business provided for in Article 16 may be transacted with any industrial concern, either in the public or in the private sector, but shall not be transacted with any industrial concern incorporated outside Bangladesh.] (2) Short term advance and loans for the purposes of working capital of any industrial concern shall not be made of an amount exceeding, at any time, [twenty-five] per cent of the total advances made to such concern except with the approval of the Government. (3) No guarantee, loan or subscription provided for in Article 16 shall be made which is not secured by pledge, [mortgage,] hypothecation or assignment any property, movable or immovable, to the extent determined by the Board or by a contract to mortgage, hypothecate or assign any property which may be acquired in future with or without financial assistance of the Sangstha.

1. 25. The words “twenty-five” were substituted for the word “twenty” by section 6 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
2. 26. The word and comma “mortgage,” were substituted for the word “mortgage” by section 6 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)