Who can be granted loans and advances.

13. Notwithstanding anything contained in the Madhya Pradesh Co-operative Societies Act, 1960 (No. 17 of 1961) loans for the purposes mentioned in section 12 may be granted by the State Development Bank or a District Development Bank to the following :— (a) a Co-operative Society registered under the Madhya Pradesh Co-operative Societies Act, 1960 (No. 17 of 1961); or (b) an individual competent to contract under section 11 of the Indian Contract Act, 1872 (No. 9 of 1872); or (c) a public trust registered under the Madhya Pradesh Public Trusts Act, 1951 (No. 30 of 1951); or (d) a Firm, a Company or any other body corporate established or constituted as the case may be, under any law for the time being in force; or (e) a minor acting through a guardian appointed by the Court as may be approved by the State Government in this behalf by general or special order: Provided that the loan shall be granted to those who are members of the State Development Bank or District Development Bank as provided in the by-laws.