Instructions on borrowings.

1[(1)] A co-operative society shall receive deposits and loans only to such extent and under such conditions as may be prescribed or as may be specified in the bye-laws. 2[(2) Notwithstanding anything contained in sub-section (1), a Cooperative Credit Structure Society shall have freedom to raise loan from any bank or Reserve Bank regulated financial institution, refinance from National Bank or any other refinance agencies directly or through any Reserve Bank regulated financial institution of its choice in addition to the loan raised from the Society to which it is affiliated.]