Clause 68

A society may receive deposits and loans from persons who are not members only to such extent and under such conditions as may be prescribed by its by-laws. For the purpose of this section, deposit of money under a hire-purchase agreement shall be deemed to be a loan.

A society which under its by-laws has power to borrow money shall determine from time to time at a general meeting, the maximum liability which it may incur in loans or deposits from members and non-members and shall notify the Registrar of the maximum so fixed.

The maximum so fixed shall be subject to the approval of the Registrar who may, at any time, reduce the maximum or impose such conditions as he thinks necessary and his decision shall be final.