section 61
Restriction on loans.
The Jammu and Kashmir Co-operative Societies Act, 1989Corporate1989184 sections
Statutory text
- (1) A co-operative society shall not make a loan to any person other than a member : 1[Provided that a Co-operative Society may make loans to other Co-operative Societies : Provided further that the Co-operative Credit Structure Society may take appropriate decision regarding its loan policies including individual loan decision keeping in view the interests of the Society and its members.
- (2) Notwithstanding anything contained in sub-section (1), a co-operative society may make loans to a depositor in the security of his deposits : 2[Provided a person who has become a member of a Primary Agricultural Credit Society, in terms of sub-section (8) of section 17 of this Act shall be eligible for loan in the same manner as other members of such Society]. 3[(3) A Primary Agricultural Credit Society shall abide by the prudential norms including capital to risk weighted assets ratio prescribed by the Registrar in consultation with the National Bank].
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