Restrictions on other transactions with non-members

Save as otherwise provided in sections 45 and 46, every transaction of a co-operative society with any person, other than a member, shall be subject to such prohibitions and restrictions, if any, as may be prescribed. (1) Subject to provisions of sub-rule (2), a co-operative society shall not receive deposits and loans whether from members or non members which exceed the limit fixed from time to time in a general meeting, subject to the Registrar, who may, at any time reduce it. (2) A Co-operative society which accepts deposits and loans from members only and has no liability to any persons other than the members, may receive such deposits and loans in excess of the limits referred to in sub-rule (1), if the exceed amount is deposited in a co-operative bank to which it is affiliated or is invested in Government securities in section 20 of the Indian Trust Act 1882; Provided that the amount so deposited or invested or any part thereof is not withdrawn or otherwise utilized except for the payment of the deposit accepted in excess of the aforesaid limit;