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Section 61: Restriction on loans.

The Jammu and Kashmir Co-Operative Societies Act, 1989Union territory Act of Jammu and Kashmir · Act 10 of 1989

(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.

(2) Notwithstanding anything contained in sub-section (1), a co-operative society may make loans to a depositor in the security of his deposits :

[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].

[(3) A Primary Agricultural Credit Society shall abide by the prudential norms including capital to risk weighted assets ratio prescribed by the Registrar in consultation with the National Bank].

Where this provision sits

ActThe Jammu and Kashmir Co-Operative Societies Act, 1989
Section61
Marginal noteRestriction on loans.
JurisdictionUnion territory of Jammu and Kashmir
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act No. X of 2010. . Proviso substituted by Act No. X of 2010, s.18.
  • inserted. . Proviso to sub-section (2) inserted ibid.
  • inserted. . Sub-section (3) inserted ibid.

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