Agreement for salary/wage earners

(a) In the case of a co-operative society of salary or wage-earners no loan shall be advanced by the society to its members unless the member executes an agreement in favour of the society as provided in Sub-section (1) of Section 40. (b) The co-operative society shall, within a fortnight of the advance of loan to the member, forward a duly certified copy of the agreement executed by the member to the employer or the pay disbursing authority concerned for deduction under the said agreement.