Co-Operative Societies Act · s 29

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s 29Loans made by registered society

(1)

No registered society shall grant any loan to any person except to —

(a)

its members;

(b)

its employees;

(c)

its subsidiary or subsidiaries; or

Co-operative Societies 26

(d)

another registered society, and such loan shall be subject to —

(i)

the rules and by-laws of the society; and

(ii)

in the case of its subsidiary or subsidiaries or another registered society, the approval of the Registrar.

(2)

Except with the permission of the Registrar, a registered society shall not lend money on the security of any movable property other than produce or goods in which the society is authorised to deal.

(3)

The Minister may, by general or special order, prohibit or restrict the lending of money on a mortgage or charge of any description of immovable property by any registered society or class of registered societies.