Section 66 of the Multi-State Co-operative Societies Act, 2002 – Restriction on loans

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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.

Source: official text of The Multi-State Co-operative Societies Act, 2002 as published on India Code (PDF). All sections of the Multi-State Co-operative Societies Act, 2002.

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