Restrictions on loans

Restrictions on loans. It is proposed to amend Section 60 to enable a cooperative society to make loans to another cooperative society without the sanction of the Registrar. (1) A co-operative society shall not make a loan to any person other than a member: Provided that a co-operative society may make loans to another co-operative society. (2) Notwithstanding anything contained in sub-section (1), a co-operative society may make a loan to a depositor on the security of his deposit.