section 43
Restrictions on borrowings.
The Maharashtra Co-operative Societies Act 1960Corporate1960178 of 165 sections available26 chapters
Chapter IV INCORPORATION DUTIES AND PRIVILEGES OF SOCIETIES
Statutory text
- (1) A society shall receive deposits and loans from members and other persons, only to such extent and under such conditions, as may be prescribed, or specified by the bye-laws of the society.
- (2) If in the opinion of the Registrar it is necessary so to do for ensuring safety of the funds obtained under sub-section (1), for proper utilization of such funds in furtherance of the objects of the society or societies concerned and for keeping them within the borrowing limit as laid down in the rules and bye-laws, the Registrar may, by general or special order, impose additional conditions on any society or class of society or such class of societies may receive deposits, issue debentures or raise loans from any creditor other than a Central Bank.
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