State Act

The Maharashtra Co-operative Societies Act, 1960

9[44A. Limit on interest in certain cases.— Notwithstanding anything contained in any agreement or any law for the time being in force, a society 10[(including a co-operative bank and a Co-operative Agriculture and Rural Multipurpose Development Bank)] shall not for any loan (including rehabilitation loan but excluding long-term loan for irrigation or agricultural development purposes or loan exceeding 11[rupees ten thousand] for non-agricultural 12[* *] purposes) given by it to any member (including a member-society) for a period not exceeding 15 years, whether the loan was given before or is given after the commencement of the Maharashtra Co-operative Societies (Second Amendment) Act, 1985 (Mah. XX of 1986), recover, in any manner whatsoever, on account of interest, a sum greater than the amount of the principal of the loan:] 1[Provided that, nothing in this section shall apply to a loan exceeding one lakh rupees given by a Co-operative Agriculture and Rural Multipurpose Development Bank to any member.]