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(1) A co-operative society shall not make a loan to any person other than a member:Provided that with the general or special sanction of the Registrar, a co-operative society may make a loan to another co-operative society :Provided further that the co-operative bank shall make loans and advances as per directions of the Reserve Bank from time to time.
(2) Notwithstanding anything contained in sub-section (1), a co-operative society may make a loan to a depositor within his deposit on its security.
Last Updated Date :- 10-05-2018
Page last updated on: 22-09-2021