Section 10 in Multi-State Co-Operative Societies (Privileges, Properties and Funds, Accounts, Audit, Winding Up and Execution of Decrees, Orders and Decisions) Rules, 1985
10. Application For Loan.
(1)An application for loan shall be in such form as may be required by the board of the multi State co-operative society and shall state the purpose for which the loan is required in the manner laid down in the bye-laws of the society.(2)For every loan, a member shall furnish such security as may be required under the bye laws of the multi-State co-operative society.(3)The period of repayment of the loan shall be as may be provided in the bye-laws) but in no case exceed five years.(4)In any multi-State 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 share capital paid by him or as may be laid down in the bye-laws.
