(1) A company shall not after the commencement of this Act directly or indirectly—
(a) acquire or deal in its own shares or lend money or make advances on the security of its own shares;
(b) lend any of its funds to a director or an officer of the company or to the spouse or a child of a director or of an officer except on the security of the company's own policies or on some other adequate security;
(c) lend any of its funds to a company where more than ½ of the shares of that other company is owned either jointly or severally by a director or an officer of the company or by the spouse or a child of a director or an officer or by any combination of such persons;
(d) grant unsecured credit to any person;
(e) pay any dividend on its shares until all its capitalised expenditure (including preliminary expenses, organisational expenses, share-selling commission and brokerage) not represented by tangible assets, have been completely written off; or
(f) enter into any guarantee or provide any security in connection with a loan by any other person to any such person or company as is mentioned in paragraph (b) or (c) of this section.
(2) A company which contravenes this section commits an offence.