Amendment status not verified — confirm the current text below against the official source.
(1) A Co-operative society may grant loans to its members subject to provision of section 49: Provided that a Co-operative society may also grant loans to its members, self- help groups for lending its members against the surety of the group. (2) A Co-operative society except a Co-operative bank may grant loans and advances to a member against a tangible security. (3) A Co-operative society may, with the approval of the general body, grant loans to any other Co-operative society which is not its member against a tangible security. (4) A Co-operative society may grant loans and advances to a non-member depositor against the security of his time deposit not exceeding ninety per cent of the deposit. (5) A Co-operative society may grant loan to a member thereof belonging to economically weaker sections as prescribed at a concessional rate of interest and against a lower scale of securities irrespective of the value of shares held by them.