Section 58 in The Orissa Co-operative Societies Act, 1962
58. Restrictions on borrowings.
- A Society shall receive deposits and loans only to such extent and under such conditions as may be prescribed or as may be specified in the Bye-Laws.[Provided that no Primary Agricultural Credit Co-operative Society, Large-sized Adivasi Multipurpose Co-operative Society, Service Co-operative Society and Farmers' Service Co-operative Society shall accept deposits from any person other than its members.Provided further that any Co-operative Credit Society may receive loan from any financing Bank.] [Inserted by Orissa Act 1 of 2008 Section 19 (O.G.E. No. 654 dated 20.3.2008).](2)Without prejudice to the provisions of Sub-Section (1) a Co-operative Farming Society may receive loans on the security of lands pooled together for purpose of the Society.
