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[Cites 0, Cited by 0] [Section 44(2)] [Section 44] [Entire Act]

State of Meghalaya - Subsection

Section 44(2)(a) in The Meghalaya Co-operative Societies Act

(a)Notwithstanding the provisions of sub-clauses (1)(b) and (e) a loan may be given on personal security ; provided that the managing body of the society is satisfied as to the credit of the borrower and has taken from him a scheme for the utilisation of the loan and has ascertained the truth of the statements contained in the scheme and the bona fides of the borrowing member.