Amendment status not verified — confirm the current text below against the official source.
(1) No society shall make a loan to any person other than a member, or on the security of its own shares or on the security of any person who is not a member. Provided that with the special sanction of the Registrar, a society may make loans to another society : (2) Notwithstanding anything contained in the foregoing sub-section a society may make a loan to a depositor on the security of his deposit. (3) If, in the opinion of the Government, it is necessary in the interest of the society or societies concerned to do so, the Government may by general or special order, prohibit, restrict or regulate the lending of money by any society or class of societies on the security of any property.