Section 9
Not To Misuse Banking Resources, Means And Assets
(1) The Promoter, Director, shareholder who is deemed to have a financial interest under the prevailing laws, Chief Executive Officer, employee, advisor, Managing Agent or
associated person or organization or family member or close relatives of such persons shall not misuse the resources of a bank or financial institution by
availing a credit or facility or in any other manner.
Provided that,
(1) It shall not be deemed an obstruction in availing loans or advances by the Chief Executive Officer or employees of a bank or financial
institution under employees’ facility scheme, as per the prevailing laws.
(2) It shall not be deemed to be an obstruction in providing credit or facility to close relative having approval of the Board of Directors
of Bank or Financial Institution.
Explanation:
(a) For the purpose of this Sub-section, the term “family member” means concerned person’s husband or wife, son, daughter, adopted son,
adopted daughter, father, mother, step mother and taken cared elder brother, younger brother and elder sister younger sister.
(b) “Close relative” means separated elder brother, younger brother, elder sister in law (wife of elder brother), younger sister in law (wife of younger brother), married elder sister, younger sister, elder brother in law (husband of elder sister), younger brother in law (husband of younger sister), nephew (son of uncle), niece (daughter of uncle), younger brother in law (wife’s younger brother), younger sister in law (wife’s younger sister), mother in law (wife’s mother), father in law (wife’s father), uncle, aunt, maternal uncle, maternal aunt,
nephew (son of sister), Niece (daughter of sister), grandson, granddaughter, granddaughter in law (wife of grandson), grandson
in law(husband of granddaughter).
(2) No one shall, in violation of the interest of the depositors or a bank or financial institution, incur or cause to incur the assets of the bank or financial
institution .
(3) No one shall commit any financial irregularity, whiling auctioning the non-banking assets or other assets of a bank or financial institution or while
doing any other transactions.
associated person or organization or family member or close relatives of such persons shall not misuse the resources of a bank or financial institution by
availing a credit or facility or in any other manner.
Provided that,
(1) It shall not be deemed an obstruction in availing loans or advances by the Chief Executive Officer or employees of a bank or financial
institution under employees’ facility scheme, as per the prevailing laws.
(2) It shall not be deemed to be an obstruction in providing credit or facility to close relative having approval of the Board of Directors
of Bank or Financial Institution.
Explanation:
(a) For the purpose of this Sub-section, the term “family member” means concerned person’s husband or wife, son, daughter, adopted son,
adopted daughter, father, mother, step mother and taken cared elder brother, younger brother and elder sister younger sister.
(b) “Close relative” means separated elder brother, younger brother, elder sister in law (wife of elder brother), younger sister in law (wife of younger brother), married elder sister, younger sister, elder brother in law (husband of elder sister), younger brother in law (husband of younger sister), nephew (son of uncle), niece (daughter of uncle), younger brother in law (wife’s younger brother), younger sister in law (wife’s younger sister), mother in law (wife’s mother), father in law (wife’s father), uncle, aunt, maternal uncle, maternal aunt,
nephew (son of sister), Niece (daughter of sister), grandson, granddaughter, granddaughter in law (wife of grandson), grandson
in law(husband of granddaughter).
(2) No one shall, in violation of the interest of the depositors or a bank or financial institution, incur or cause to incur the assets of the bank or financial
institution .
(3) No one shall commit any financial irregularity, whiling auctioning the non-banking assets or other assets of a bank or financial institution or while
doing any other transactions.