3 Restrictions on acceptance of public deposits by mutual benefit financial companies

PART II - ACCEPTANCE OF PUBLIC DEPOSITS

Restrictions on acceptance of public deposits by mutual benefit financial companies

3. (1) deleted

(2) The provisions contained in these directions shall not apply to a Mutual Benefit Financial Company or a Mutual Benefit Company;

Provided that the application of Mutual Benefit Company is not rejected by Government of India under the provisions of the Companies Act, 1956 ( Act 1 of 1956).