Section 44(1)(e) in Sikkim Co-Operative Societies Act, 1955
(e)on personal security with sureties, unless the borrowing member and his sureties together have 'unencumbered immovable property or attachable funded assets sufficient to cover the loan and a full statement of such securities is submitted by borrower and the sureties separately and the truth of, the statements is ascertained by the managing body,