THE UTTAR PRADESH CO-OPERATIVE SOCIETIES ACT, 1965
Section 61. Restrictions on loan
(1) A co-operative 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 co-operative society may make loans to another co-operative society.
(2) Notwithstanding anything contained in sub-section (1) a co-operative society may make a loan to a depositor on the security of his deposit.
(3) The state Government may by a notification in the Gazette generally or specially prohibit or restrict the lending of money on mortgage of immovable property by a co-operative society.
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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