Section 29

Restrictions on loans. Repealed

The Co-operative Societies Act, 1912

  • Act 2 of 1912
  • Ministry of Agriculture and Farmers Welfare
  • Department of Agriculture, Cooperation and Farmers Welfare
About this Act

An Act to amend the law relating to Co-operative Societies.

All sections
(1) A registered society shall not make a loan to any person other than a member:/BR Provided that, with the general or special sanction of the Registrar, a registered society may make loans to another registered society./BR (2) Save with the sanction of the Registrar, a society with unlimited liability shall not lend money on the security of moveable property./BR (3) The State Government may, by general or special order, prohibit or restrict the lending of money on mortgage of immoveable property by any registered society or class of registered societies.
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