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Question

No banking company shall hold any immovable property howsoever acquired_________________

A Except such as is required for its own use, for any period exceeding seven years from the acquisition thereof Correct Answer Incorrect Answer
B Except such as is required for its own use, for any period exceeding seven years from the acquisition thereof or from the commencement of this Act, whichever is later Correct Answer Incorrect Answer
C Except such as is required for its own use, for any period exceeding seven years from the acquisition thereof or from the commencement of this Act, whichever is earlier Correct Answer Incorrect Answer
D Except such as is required for its own use, for any period exceeding seven years from the commencement of this Act Correct Answer Incorrect Answer
E Except such as is required for its own use, for any period exceeding seven years from such date as the RBI may specify Correct Answer Incorrect Answer

Solution

Section 9.   Disposal of non-banking assets: Notwithstanding anything contained in section 6, no banking company shall hold any immovable property howsoever acquired, except such as is required for its own use, for any period exceeding seven years from the acquisition thereof or from the commencement of this Act, whichever is later or any extension of such period as in this section provided, and such property shall be disposed of within such period or extended period, as the case may be.

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