Section 53(2) in The Meghalaya Co-operative Societies Rules
(2)Fixation of maximum liability of a member of limited liability society. - In any co-operative society in which the liability of the members is limited by shares, no loan shall be granted to a member exceeding ten times the amount of the share capital paid by him but not exceeding the limit provided in the bye-laws or determined by the annual general meeting of the general assembly-(a)a society may grant loans to its members up to twenty times the amount of share capital paid up by a member, in case of such loans being issued on mortgage or valuable security, as provided in sub-section (2) (c) of Section 44 of the Act.(b)the Apex Bank or any other financing bank may grant loans to any affiliated co-operative land mortgage bank up to twenty times the amount of share capital paid up by the land mortgage bank ;(c)the Apex Bank may advance loans to an affiliated society engaged in the purchase of production and disposal of goods of its members in excess of ten times the share capital paid up by such society ;(d)an agricultural society may grant loan to its members repayable within a period of twelve months for facilitating the production or disposal of produce, irrespective of the amount of the share capital paid up by such member with the previous permission of the Registrar and under such conditions as he may impose.
