In section 51 of the principal Act, for the words "one-fourth", the words "one-third" shall be substituted.

Insertion of new section 51A Insertion of new section 51A.— After section 51 of the principal Act, the following section shall be inserted, namely:— "51A. Restriction on grant of loans.—

1. (1) No society shall grant loans to its members on the security of movable property with any company or the Government, unless such property is transferred to the society or is hypothecated in its favour in the prescribed manner.
2. (2) Notwithstanding anything contained in any law for the time being in force, any loan granted by a society in contravention of the provisions of sub-section
3. (1) shall be void and the amount of such loan shall be liable to be recovered immediately from the member.".