Terms and conditions of acceptance of deposits by companies
(1)
On and from the commencement of these rules,—
(a)
no company referred to in sub-section (2) of section 73 and no eligible company shall accept or renew any deposit, whether secured or unsecured, which is repayable on demand or upon receiving a notice within a period of less than six months or more than thirty-six months from the date of acceptance or renewal of such deposit:
(a)
such deposits shall not exceed ten per cent. of the aggregate of the paid up share capital, free reserves of the company and securities premium account of the company , and
(b)
such deposits are repayable not earlier than three months from the date of such deposits or renewal thereof.
(2)
Where depositors so desire, deposits may be accepted in joint names not exceeding three, with or without any of the clauses, namely, “Jointly”, “Either or Survivor”, “First named or Survivor”, “Anyone or Survivor”.