The Co-operative Societies Act, 1912
Section 29. Restrictions on loans.
(1) A registered society shall not make a loan to any person other than a member:
Provided that, with the general or special sanction of the Registrar, a registered society may make loans to another registered society.
(2) Save with the sanction of the Registrar, a society with unlimited liability shall not lend money on the security of moveable property.
(3) The State Government may, by general or special order, prohibit or restrict the lending of money on mortgage of immoveable property by any registered society or class of registered societies.
Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.
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