Section 27(3) in The M.P. State Aid to Industries Rules, 1959
(3)In the case of a co-operative society of workers engaged in any industry, there need not be any security for loans towards the share capital the condition being that the amount of the loan paid to the societies shall be kept with a co-operative bank or joint stock bank and shall be operated upon jointly by the nominee or the society and an official [x x x] [Omitted by Notification No. 7333-2224-XI-A, dated 1-10-1965.] nominated in this behalf by the sanctioning authority.
