Section 41 in Jharkhand Co-operative Societies Rules, 2008
41. Loans of members.
(1)Loans may be granted by a registered society to its members only to such extent and for such purposes and on such terms and conditions as are laid down in the byelaws and subject to such direction, not inconsistent with the bye-laws, as may, from time to time, be issued by the Registrar and in case of self supporting co-operative society subject to such directions not inconsistent with the bye laws, as may from time to time, be decided by the general body.(2)If a registered society issues a requisition on any other registered society for the realization of the loan advanced to any member or the interest thereon, it shall be incumbent on the latter society to deduct the same from any money belonging to such member with the latter society after setting off its own dues, if any, against the member.(3)An application for loan by a member of a registered society shall be in Form IX and shall contain a declaration to the effect that the applicant pledges his property to the society for any debt due or advance to be made to him by the society subsequent to his admission as a member.
