50.
| (1) No loan shall be granted by the Bank to any director or to the spouse or a dependent child of a director or to any company or firm in which a director has a substantial interest. |
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| (2) For the purposes of sub-section (1), " substantial interest "-
| | (a) when used in relation to a company, means the holding of a beneficial interest by a director of the Bank or his spouse or dependent child, whether singly or taken together, in the shares of the company, if the amount paid up in respect of the holding exceeds five per centum of the paid-up capital of the company, and | | |
| | (b) when used in relation to a firm, means the beneficial interest held in the firm by a director of the Bank or his spouse or his dependent child, whether singly or taken together, if the beneficial interest exceeds in value five per centum, of the total capital subscribed by all the partners of the firm. | | |
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Sri Lanka Consolidated Acts