LexSection 66 — Restriction on loans.
The Multi-State Co-operative Societies Act, 2002
(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.Open in Lexace · Ask the AI about this section