Section 59A in The Orissa Co-operative Societies Act, 1962
59A. [ Restriction in interest. [Inserted by Orissa Act No. 19 of 1983 Section 18-See O. G. E. dated 11.10.1983.]
- Notwithstanding anything contained in any law or agreement for the time being in force, a Society shall not charge on account of interest on any short term loan, whether advanced before or after the commencement of the Orissa Co-operative Societies (Amendment) Act, 19 of 1982 a sum greater than that of the principal.Explanation. - For the purpose of this section the expression "short term loan" shall mean a loan repayable within a period of fifteen months.] [Substituted by Orissa Act 1 of 2008 Section 18 (O.G.E. No. 654 dated 20.3.2008).]
