Section 38 in The Maharashtra Cooperative Societies Rules, 1961
38. Loans and deposits from non-members in unlimited liability societies.
- Every society with unlimited liability shall, from time to time, fix in a [general body meeting] [Substituted 'general meeting' by Notification No. CSL-2014/697/C.R.04/13C, dated 30.8.2014 (w.e.f. 23.12.1961).] the maximum liability which it may incur in loans and in deposits from non-members. The maximum so fixed shall be subject to the sanction of the Registrar, who may at any time reduce it, for reasons to be communicated by him to the society in writing, and may specify a period not being less than four months, within which the society shall comply with his orders. No such society shall receive any loan or deposit from a non-member, which will make its liability to non-members exceed the limit sanctioned by the Registrar.
