Rules and Regulations of India

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Section 5 – COMPANIES (ACCEPTANCE OF DEPOSITS) RULES, 1975

5. Form of application for deposits

(1) On and from the commencement of these rules, no company shall accept, or renew any deposit, unless an application made by the intending depositor for the acceptance of such deposit and such application containing a declaration by such person to the effect that the amount is not being deposited out of the funds acquired by him by borrowing or accepting deposits from any other person.

 

(2) The application referred to in sub-rule (1) shall be made in the form supplied by the company and such form shall be accompanied by a statement by the company containing all the particulars specified in sub-rule (2) of rule 4 and incorporating therein all changes in relation to such particulars up to the date on which the form is issued by the company.

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