Restriction on loans: multi State co operative societies barred from lending on member shares but may take deposit security. 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; notwithstanding this prohibition, a multi State co operative society may make a loan to a depositor on the security of his deposit.
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Restriction on loans: multi State co operative societies barred from lending on member shares but may take deposit security.
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; notwithstanding this prohibition, a multi State co operative society may make a loan to a depositor on the security of his deposit.
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