Section 44(3) in The Maharashtra Co-Operative Societies Act, 1960
(3)If in the opinion of the State Government, it is necessary in the interest of the society or societies concerned to do so, the State Government may, by general or special order, prohibit, restrict or regulate the lending of money by any society or class of societies on the security of any property:[Provided that, the Registrar may, for ensuring safety of the funds of the society or societies concerned, for proper utilisation of such funds in furtherance of their objects and for keeping them within the loan making limits laid down in the rules and bye-laws, with the approval of the Apex Bank, by general or special order, regulate further the extent, conditions and manner of making loans by any society or class of societies to its members or other societies:] [This proviso was added by Maharashtra 33 of 1963, Section 9.][Provided further that, nothing in this section shall apply to the loan making policy made by the co-operative credit structure entity. However, such entity shall adopt its own policy in conformity with [guidelines of the Reserve Bank of India or National Bank] [This proviso was added by Maharashtra Act 11 of 2008, Section 9, (w.e.f. 29.10.2007).]] [Sub-section (3) added by Maharashtra Act 11 of 2008, Section 8(c), (w.e.f. 29-10-2007).].
