Section 61 in The U.P. Co-operative Societies Act, 1965
61. Restrictions on loans.
(1)A co-operative society shall not make a loan to any person other than a member.Provided that with the general or specified sanction of the Registrar a co-operative society may make loans to another co-operative society.(2)Notwithstanding anything contained in sub-section (1) a co-operative society may make a loan to a depositor on the security of his deposit.(3)The State Government may, by a notification in the Gazette generally or specially, prohibit or restrict the lending of money on mortgage of immovable property by a co-operative society.
