Section 40 in West Bengal Societies Registration Rules, 1963
40. If at any time the club in general meeting shall pass a resolution authorising the committee to borrow money, the committee shall thereupon be empowered to borrow for the purposes of the club such amount of money either at one time or from time to time and at such rate of interest and in such form and manner and upon such security as shall be specified in such resolution, and thereupon the trustees shall at the direction of the committee make all such dispositions of the club property or any part thereof and enter into such agreements in relation thereto as the committee may deem proper for giving security for such loans and interest. All members of the club, whether voting on such resolution or not, and all persons becoming members of the club after the passing of such resolution shall be deemed to have assented to the same as if they had voted in favour of such resolution.
