Section 89 in Bombay Non-Trading Corporations Act, 1959
89. Prohibition for borrowing money, etc. - It shall not be lawful for a corporation to borrow money, to grant loans or to raise loans, by acceptance of deposits, or the issue of debentures, chit funds or the like; provided that a corporation may borrow on the security of its immovable property from such bankers as may be approved by the State Government.
