Section 61 in Jammu and Kashmir Co-Operative Societies Act, 1989
61. Restriction on loans.
(1)A co-operative society shall not make a loan to any person other than a member:[Provided that a Co-operative Society may make loans to other Co-operative Societies:Provided further that the Co-operative Credit Structure Society may take appropriate decision regarding its loan policies including individual loan decision keeping in view the interests of the Society and its members.][Substituted for "Provided that, with the general or special sanction of the Registrar, a co-operative society may make loans to other co-operative society." by Act No. X of 2010, Dated 28.4.2010, Dated 28.4.2010, w.e.f. 29.4.2010.](2)Notwithstanding anything contained in sub-section (1), a co-operative society may make loans to a depositor in the security of his deposits [:][Substituted for "." by Act No. X of 2010, Dated 28.4.2010, w.e.f. 29.4.2010.][Provided a person who has become a member of a Primary Agricultural Credit Society, in terms of sub-section (8) of section 17 of this Act shall be eligible for loan in the same manner as other members of such Society.][Inserted by Act No. X of 2010, Dated 28.4.2010, w.e.f. 29.4.2010.](3)[ A Primary Agricultural Credit Society shall abide by the prudential norms including capital to risk weighted assets radio prescribed by the Registrar in consultation with the National Bank.][Inserted by Act No. X of 2010, Dated 28.4.2010, w.e.f. 29.4.2010.]
