Section 66 in The Multi-State Co-Operative Societies Act, 2002
66. Restriction on loans.—
(1)A multi-State co-operative society, other than a co-operative bank, shall not make a loan to a member on the security of his share or on the security of a non-member.(2)Notwithstanding anything contained in sub-section (1), a multi-State co-operative society may make a loan to a depositor on the security of his deposit.
