Amendment status not verified — confirm the current text below against the official source.
Limitation of interest:- Notwithstanding anything contained in this Act, rules, bye-laws or in any agreement in this behalf, a co-operative society shall not recover interest on short term loans given to members in excess of the principle amount of the loan advanced. Explanation:- For the purpose of this section, short term loan means a loan granted for a period upto fifteen months.