Act Number: 39

Act Name: The Multi-State Co-operative Societies Act, 2002

Year: 2002

Enactment Date: 2002-07-03

Long Title: An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operative s as peoples institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto.

Ministry: Ministry of Cooperation

Department:

Section 66: Restriction on loans.
    (1) A multi-State co-operative society, other than a co-operative bank, shall not make a loan to a member on the security of his share or on the security of a non-member.
     (2) Notwithstanding anything contained in sub-section (1), a multi-State co-operative society may make a loan to a depositor on the security of his deposit.
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