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(1) A registered 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 registered society may
make loans to another registered society.
(2) Save with the sanction of the Registrar, a society with unlimited liability shall not lend money on
the security of moveable property.
(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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