Section 69 in The Delhi Co-operative Societies Rules, 2007
69. Manner of recalling of loan.
(1)Notwithstanding anything contained in the agreement entered with the borrowing member, the committee, shall be entitled, after giving two week's notice to such member, to recall the entire loan amount immediately, if it is satisfied that the loan given has not been applied for the purpose for which it was given or there has been breach of any of the conditions for grant of such loan.(2)Nothing in this rule shall be deemed to preclude the Registrar from directing the cooperative society to recall a loan of his own motion, if it is brought to his notice that the loan given by the co-operative society has been misapplied or conditions thereof have not been followed. The Registrar may make in the matter such enquiries as he may deem necessary and after giving a show cause notice to the co-operative society and may issue with the prior approval of the Financing Bank, necessary directions to the cooperative society. The directions issued by the Registrar in this respect shall be complied with by the co-operative society.
