Section 25 in The Chhattisgarh Co-operative Societies Rules, 1962
25. Restrictions on grant of loan.
(1)No financing bank or credit society, other than a land mortgage bank or a society, the object of which is to grant long term loans exclusively on the mortgage of immovable properties, shall grant loans for a period exceeding three years:[Provided that the Registrar may permit by a general or special order any such financing bank or credit society to grant loans for periods exceeding three years but not exceeding 'twenty' years for any of the objects to be specified by him in the order.] [Substituted by notification No. F-5-10-80-1-XV, dated 9-10-80.](2)In a SOciety where share capital is contributed by members, a loan shall be granted to a member in proportion to the share capital paid by him as may be laid down in the bye-laws:Provided that the proportion for any society or class of societies may be increased or decreased as may be decided by the Registrar.(3)[ A financing bank/ a co-operative society may lend money to individual members in accordance with the rules approved by the Registrar in this behalf.] [Substituted by notification No. F-5-4-SS-XV-1, dated 28-6-88.]
