Section 45 in The Gujarat Co-Operative Societies Act, 1961
45. Restrictions on making loans.
(1)No society shall make a loan to any person other than a member, or on the security of its own shares, or on the security of any person who is not a member :Provided that, with the special sanction of the Registrar, a society may make loans to another society.(2)Notwithstanding anything contained in sub-section (1), a society may make a loan to a depositor on the security of his deposit.(3)[ Notwithstanding anything contained in this Act, no person or group of persons other than a member or members shall be eligible to borrow from or make deposit in a Primary Agricultural Credit Co-operative Society.] [Added by Gujarat 1 of 2008, Sec. 8 (w.e.f. 8.10.2007).]
