Amendment status not verified — confirm the current text below against the official source.
197[(1) A society shall receive deposits (of any form or nomenclature) and raise loans from members and associate members only to such extent and under such conditions as may be specified in the bye-laws: Provided that the proposals of society for receiving short term and long term fixed deposits from members and associate members shall have the prior approval of the Registrar.] (2) A society shall not grant a loan to any person other than a member, but it may grant loans to another society with the general or special sanction of the Registrar or to its employees on such terms as may be specified in the bye- laws: