s 28 Prohibition of financing facilities
(1) No prescribed institution shall grant to any person any financing facility, whether from its own funds or any trust fund it manages under section 43, except for such purposes or on such collateral as the Bank may specify. (2) (Deleted by Act A1502). (3) Unless otherwise specified by the Bank, no prescribed institution shall grant any financing facility to— (a) any of its members, directors or officers or any other person receiving remuneration from it (other than any person receiving remuneration from it in respect of his professional services); (b) any body corporate or unincorporate, or any sole proprietorship, in which any of its members, directors or officers is a director or manager, or for which any of its members, directors or officers is a guarantor or an agent; and (c) (Deleted by Act A1502). (d) any person for whom any of its members, directors or officers has given any guarantee or other undertaking involving financial liability. (3A) No prescribed institution shall grant any financing facility to any corporation in the shares of which any of its *members, directors or officers has any interest which, in aggregate, is of an amount that is in excess of such percentage as the Bank may specify. (4) Notwithstanding subsection (3), a prescribed institution may, subject to such terms and conditions as it may impose, grant to any of its officers or its executive director— (a) any financing facility which is provided for under his scheme of service; or (b) where there is no such provision and the prescribed institution is satisfied that special or compassionate circumstances exist, a loan not exceeding such period as may be specified by the Bank. (5) For the purposes of this section, “director” or “officer” includes a spouse, child or parent of a director or officer, or any other person as may be specified by the Bank.