Section 44(2) in Sikkim Co-Operative Societies Act, 1955
(2)(a)Notwithstanding the 'provisions of, sub-clause (1) (b), (d) and (e) It loan may' be given on personal security provided that the managing body of the society is satisfied as to the credit on the borrower and has taken from him a scheme for the utilization 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,(c)notwithstanding the provisions of sub-clauses 1b to f and 2 a and b a registered society may issue a loan on mortgage or 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
