Co-operative Societies Act 1979 · 2020 Revised Edition · Part 6 · Property and Funds of Societies
67. Restrictions on loans
Feedback & supportSubject to subsection (2), a credit society must not make a loan or allow any credit to any person other than —
credit society
“credit society” means a society which is registered as a credit society;
a member of the credit society or the member’s immediate family member;
an employee of the credit society; or
another society that is not a member of the credit society, with the Registrar’s written approval.
For the purposes of subsection (1), a credit society may make loans or allow credit to persons who are not members of the credit society only to such extent and under such conditions as may be prescribed by its by-laws.
by-laws
“by-laws” means the registered by-laws made by a society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;
In this section, “immediate family member” has such meaning as may be prescribed.
member
“member” includes an individual person or institution qualifying for membership in a co-operative society, who or which join in the application for the registration of a society, and an individual person or institution admitted to membership after registration in accordance with this Act, the Rules and the by-laws;