The Multi-State Co-operative Societies Act
66Restrictions 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.
Download our fully-offline, High speed android app.- Click here
PROPERTIES AND FUNDS OF MULTI-STATE CO-OPERATIVE SOCIETIES