Section 15(2) in The Bihar Co-operative Societies Rules, 1959
(2)If the objects of the society include the creation of funds to be lent to members, the society shall also make bye-laws in respect of-(a)the purposes for which and the security on which loans may be granted:(b)the maximum liability which the society may incur:(c)the maximum limit of loan which may be advanced to a member:(d)the terms and conditions subject to which loans may be granted and extension of time for re-payment.(e)the maximum rates of interest of lendings, and(f)the disposal of profits and the maximum dividend payable on paid up share capital.
