Security for loans.

15 (A). Notwithstanding anything contained in the Madhya Pradesh Co-operative Societies Act, 1960 (No. 17 of 1961) the State Development Bank or District Development Banks may accept any of the following securities for grant of loans on the basis of principles of valuation approved by the Registrar :— (i) Mortgage; (ii) Pledge; (iii) Hypothecation; (iv) Lien; (v) Government Guarantee; (vi) Surety Bond; (vii) Guarantee; and (viii) Promissory Note.