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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 loans to another co-operative society. (2) Notwithstanding anything contained in sub-section (1) a co-operative society may make a loan to a depositor on the security of his deposit. (3) The state Government may by a notification in the Gazette generally or specially prohibit or restrict the lending of money on mortgage of immovable property by a co-operative society.
<span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(1) A co-operative society shall not make a loan to any person other than a member ; <br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>Provided that with the general or special sanction of the Registrar a co-operative society may make loans to another co-operative society. <br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(2) Notwithstanding anything contained in sub-section (1) a co-operative society may make a loan to a depositor on the security of his deposit. <br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(3) The state Government may by a notification in the Gazette generally or specially prohibit or restrict the lending of money on mortgage of immovable property by a co-operative society.<br>