Section 53(12) in The Orissa Co-operative Societies Rules, 1965
(12)In no case, Society shall grant loan or make advance against security of its own shares.Notes - The provision of Sub-rule (1) of Rule 53 of the Orissa Co-operative Societies Rules. 1965 shall apply to the Orissa State Co-operative Bank Ltd. and all the Central Co-operative Banks Ltd. as notified below-In Sub-rule (1) of Rule 53 of the said rules for the word and figure "5 years" the word and figure "15 years" shall be substituted vide O.P.G. Ill No. 16 of 24.4.1977.
