Section 44A in The Maharashtra Co-Operative Societies Act, 1960
44A. [ Limit on interest in certain cases. [Section 44A was substituted by Maharashtra 20 of 1986, Section 19. It was deleted by Maharashtra Order VII of 2007; Section 10 w.e.f. 29-10-2007 but retained In Amendment Act XI of 2008.]
- Notwithstanding anything contained in any agreement or any law for the time being in force, a society [(including a Co-operative Bank and a Co-operative Agricultural and Rural Multipurpose Development Bank)] shall not for any loan (including rehabilitation loan but excluding long term loan for irrigation or agricultural development purposes or loan exceeding [rupees ten thousand] [These words were substituted for the words 'rupees three thousand' by Maharashtra Act No. 16 of 2013 dated 13-8-2013, Section 19(a), (w.e.f. 14-2-2013).] for non-agricultural [* * *] [The words 'or commercial' were deleted by Maharashtra Act No. 16 of 2013 dated 13-8-2013, Section 19(b), (w.e.f. 14-2-2013).] purposes) given by it to any member (including a member society) for a period not exceeding 15 years, whether the loan was given before or is given after the commencement of the Maharashtra Co-operative Societies (Second Amendment) Act, 1985, recover, in any manner whatsoever, on account of interest, a sum greater than the amount of the principal of the loan.][Provided that nothing in this section shall apply to a loan exceeding one lakh rupees given by Co-operative Agriculture and Rural Multipurpose Development Bank to any member.] [Added by Maharashtra Act No. 41 of 2005, Section 3(b), (w.e.f. 25-8-2005).]
