( l) No financing bank or credit society, other than a land mortgage bank or a society, the object of which is to grant long term loans exclusively on the mortgage of immovable properties, shall grant loans for a period exceeding three years:
Provided that the Registrar may permit by a general or special order any such financing bank or credit society to grant loans for peri ods exceeding three years but not exceeding „twenty‟ years for any of the objects to be specified by him in the order.
(2) In a society where share capital is contributed by members, a loan shall be granted to a member in proportion to the share capital pa id by him as may be laid down in the bye -laws:
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Provided that the proportion for any society or class of societies may be increased or decreased as may be decided by the Registrar.
(3) A financing bank/a co -operative society may lend money to individual members in accordance with the rules approved by t he Registrar in this behalf .
25-A. Intimation of loan etc. to be given to Tahsildar .— In addit ion to complying with the provisions of sub -section (1-A) of Section 37, every society when so directed by the Re gistrar, shall send to the Tahsildar of the tahsil , in which the society is si tuated, in Form I, a l ist of i ts members, past , present or deceased, showing the amount of loan or advances outstanding against them at the close of the preceding co-operative year.