Amendment status not verified — confirm the current text below against the official source.
(1) A society shall not make a loan to any person or a society other than a member: [66B[Provided that the above restriction shall not be applicable to the Kerala State Co- operative Bank:] Provided further that, with the general or special sanction of the Registrar, a society may make loans to another society.] (2) Notwithstanding anything contained in sub-section (1), a society may make a loan to a depositor on the security of his deposit. 66C[(2A) A society shall not sanction loans or advances exceeding the individual maximum borrowing power fixed by the Registrar and as provided in the bye-laws of the society. For any contravention of this provision, the Chief Executive and the Committee of the co-operative society concerned shall be liable for punishment, provided in sub-section (7A) of section 94 of the Act.] 66A[(3) Granting of loans to members or to non-members under sub-section (2) and recovery thereof shall be in the manner as may be specified by the Registrar.] Substituted by Act 15 of 1997 w.e.f. 3-6-1997 for " provided that with the general or special sanction of the Registrar, or society way make loans to another society". Inserted by Act 7 of 2010 w.e.f. 28-04-2010. Substituted by Act 1 of 2019. Prior to the substitution it reads as "Provided that a District Cooperative Bank may make loan to nominal or associate members:" Inserted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024).