Section 47 in The West Bengal Co-Operative Societies Act, 1983
47. Restrictions on lendings. -
(1)A co-operative society shall grant loans to its [members (other than nominal members) only:] [Words and brackets substituted by West Bengal Act 21 of 1990.]Provided that a co-operative society may, with the sanction of the Registrar, grant, in the manner prescribed, loans to any other co-operative society which is not its member:[Provided further that a co-operative society may grant advance to a non-member depositor against the security of his time-deposit:] [Provisos added by West Bengal Act 21 of 1990.][Provided also that a co-operative society may grant advance to a nominal member against any tangible security.] [Provisos added by West Bengal Act 21 of 1990.](2)A co-operative society may grant loan to a member thereof belonging to such economically weaker sections as may be prescribed at a concessional rate of interest and against a lower scale of security, irrespective of the value of shares held by him.
