State Act
61
Section 61. Restrictions on loan
THE UTTAR PRADESH CO-OPERATIVE SOCIETIES ACT, 1965
In forceUttar Pradesh (State Act)
61. Restrictions on loan (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.