Amendment status not verified — confirm the current text below against the official source.
Restrictions on borrowings.- (1) A registered society shall receive deposits and loans only to such extent and subject to such conditions as may be prescribed by the rules or the by-laws. (2) If, in the opinion of the Registrar, it is necessary so to do for ensuring safety of the funds obtained under sub-section (1), for proper utilisation of such funds in furtherance of the objects of the society or societies concerned and for keeping them within the borrowing limits as laid down in the rules and by-laws, the Registrar may, by general or special order, impose additional conditions on any society or class of societies, subject to which and the extent up to which such society or such class of societies may receive deposits, issue debentures or raise loans from any creditor other than a financing bank.