Section 53A in The Assam Co-operative Societies Rules, 1953
53A. Interest on short term agricultural loan not to exceed the principal loan.
- Notwithstanding anything contained in any agreement or in any law for the time being in force, a society (other than Land Development Bank) shall not, for any loan given by it to any member for a period not exceeding 15 months in case of short term loan charge on account of interest, a sum treater tan the principal of the loan.
