28. No loan shall be granted by the Bank to any director or employee of the Bank or to the spouse or a dependent child of a director or employee or to any company or firm in which a director or employee has a substantial interest: Provided however that the Bank may grant to its-employees loans for the purchase of any land for the construction of a dwelling house or for the purchase, construction, repair, renovation or any extension to a dwelling house. For the purposes of this section " substantial interest "-
| (a) when used in relation to a company, means the holding of a beneficial interest by an individual or his spouse or dependent child, whether singly or taken together, in the shares thereof, the amount paid up on which exceeds five lakhs of rupees or five per centum of the paid-up capital of the company, whichever is less; and |
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| (b) when used in relation to a firm, means the beneficial interest held therein by an individual or his spouse or his dependent child, whether singly or taken together, which represents more than five per centum of the total capital subscribed by all partners of the firm. |
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Sri Lanka Consolidated Acts