Section 25 in The Maharashtra Non-Trading Corporations Act, 1959
25. Restrictions on powers of Board.
The Board of directors of a corporation shall not, except with the consent of the corporation in general meeting,–(a)sell, lease or otherwise dispose of the whole, or substantially the whole, of the undertaking of the corporation or where the corporation owns more than one undertaking, the whole or substantially the whole, of any such undertaking;(b)remit, or give time for the repayment of, any debt due by a director;(c)invest, otherwise than in trust securities, the sale proceeds resulting from the disposal, after the commencement of this Act, without the consent of the corporation, of any such undertaking as is referred to in clause (a), or of any premises or properties used for any such undertaking and without which it cannot be carried on or can be carried on only with difficulty or only after a considerable time;(d)borrow monies after the commencement of this Act where the monies to be borrowed, together with the monies already borrowed, will exceed ten thousand rupees;(e)contribute, after the commencement of this Act, to charitable and other funds not directly relating to the objects of the corporation or the welfare of its employees, any amounts the aggregate of which will, in any financial year, exceed rupees five thousand.
