Section 64(3) in Haryana Co-operative Societies Act, 1984
(3)Loans and advances shall be made on such terms and conditions against such securities, guarantee and for such purposes as may be prescribed:Provided that all long term loans shall be advanced against mortgage or charge on land or other immovable property.[Provided further that in case land or other immovable property is not owned by the loanee, long term loans may be advanced to him, on furnishing two sureties and subject to the further condition that he shall hypothecate or create a charge on, the assets, movable or immovable acquired out of such loan in favour of the society:] [Inserted vide Act No. 32 of 1986.][Provided further that all loans advanced under short term, medium term and long term duration for which Reserve Bank of India/National Bank for Agriculture and Rural Development (NABARD) formulated the loan scheme, shall not require the approval of the Registrar.] [Added by Haryana Act No. 19 of 2006.]Explanation. - Long term loan means a loan repayable during a period of not less than five years.
