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Section 61: Restrictions on loan

The Uttar Pradesh Co-Operative Societies Act, 1965State Act of Uttar Pradesh · Act 11 of 1966

(1) A co-operative society shall not make a loan to any person other than a member ;

Provided that with the general or special sanction of the Registrar a co-operative society may make loans to another co-operative society.

(2) Notwithstanding anything contained in sub-section (1) a co-operative society may make a loan to a depositor on the security of his deposit.

(3) The state Government may by a notification in the Gazette generally or specially prohibit or restrict the lending of money on mortgage of immovable property by a co-operative society.

Where this provision sits

ActThe Uttar Pradesh Co-Operative Societies Act, 1965
Section61
Marginal noteRestrictions on loan
JurisdictionState of Uttar Pradesh
StatusIn force as published by the source

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