Section 39 in The Punjab Co-operative Societies Rules, 1963
39. Maximum credit limit of members. [Section 85 (xxi)]
- The bye-laws of a Co-operative Society may lay down the limit beyond which a Co-operative Society may not advance loans to individual members without the Registrar's prior consent.[40. Nature and extent of securities for loan. Section 85 (2) (xxi) - The Registrar may, in furtherance of the objectives of a Co-operative society of a class of co-operative societies regulate the lending of money by such co-operative societies, by general or special order, indication-] [Rule substituted by Punjab Government Gazette Notification dated October 14, 1974 (Section 6)](a)the manner in which the application for loan may be given and the documents which may be attached therewith;(b)the mode of dealing with the application for loans;(c)the ratio between the loan to be granted and the shares to be held by the loanees;(d)the nature and extent of security to be demanded by a Co- operative Society in respect of loans advanced by it;(e)the purpose for which the loans may be advanced;(f)the ratio in which the loan may be given in cash and kind;(g)the instalment in which the loan may be given;(h)the mode of disbursement of loan; whether in cash directly to the loanee or through specified suppliers or specified articles for which the loan is sanctioned;(i)the mode of supervision over the proper utilisation of loan;(j)the mode or repayment of loans; and(k)generally to ensure the proper flow of credit and its ultimate utilisation and recovery in conformity with the objectives of the Co-operative Society concerned.
