Section 72(2) in Assam Co-Operative Societies Act, 2007
(2)(a)Notwithstanding the provisions of sub-section (1), a loan may be given on personal security provided that the managing body of the society is satisfied as to the borrowers capability and has taken from him a scheme for the utilisation of the loan and has ascertained the truth of the statements contained in the scheme and the bona fides of the borrowing member;(b)the resolution of the managing body granting a loan under this section shall contain the names of all assenting members, and all the assenting members and secretary shall be held jointly and severally responsible for the issue of the loan and its recovery;(c)Notwithstanding the provisions of clauses (b), (c), (d), (e), and (f) of sub-section (1) and clauses (a) and (b) of this sub-section a registered society may issue a loan on mortgage of valuable security;(d)no person shall be accepted as a surety for any borrower unless he is also a member of the same registered society.
