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Section 60: Conditions to be complied with by members applying for loans

The Rajasthan Co-operative Societies Rules, 2003State Rules of Rajasthan · 2002

(1) Every member of a society applying for a loan from the society shall be required to hold shares in such manner and in such proportion to the amount of loan applied for by him as may be specified in the bye-laws of the society.

(2) Subject to the maximum limit specified in the bye-laws, a loan to be granted to a member of a resource society and the period of its repayment shall be in accordance with the standards laid down by the Registrar:

1[Provided that a short term co-operative credit structure society may determine its loan policy and decide individual loan to its members keeping in view the interest of the society and its members.]

(3) A loan in excess of the maximum amount may be granted to a member with the previous sanction of the Central Bank to which the society is affiliated:

Provided that, where the amount of loan exceeds twice the maximum limit contained in the bye-laws, prior sanction of the Registrar shall also be obtained.

Where this provision sits

ActThe Rajasthan Co-operative Societies Rules, 2003
Section60
Marginal noteConditions to be complied with by members applying for loans
JurisdictionState of Rajasthan
StatusIn force as published by the source

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