Co-Operative Societies Act · 2015 Revised Edition · Part V · Property and Funds of Registered Societies
29. Loans made by registered society
Official textFrom Attorney General's Chambers, unchanged
No registered society shall grant any loan to any person except to —
registered society
“registered society” means a co-operative society registered under this Act;
its members;
its employees;
its subsidiary or subsidiaries; or
Co-operative Societies 26
another registered society, and such loan shall be subject to —
the rules and by-laws of the society; and
in the case of its subsidiary or subsidiaries or another registered society, the approval of the Registrar.
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.
Registrar
“Registrar” means the Registrar of Co-operative Societies appointed under section 3 and includes any person when exercising such powers of the Registrar as may be conferred upon him under that section;
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.
Minister
“Minister” means Minister responsible for co-operative societies’ matters;
Terms defined in s 2
by-laws
Defined · s 2“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;
Minister
Defined · s 2“Minister” means Minister responsible for co-operative societies’ matters;
registered society
Defined · s 2“registered society” means a co-operative society registered under this Act;
Registrar
Defined · s 2“Registrar” means the Registrar of Co-operative Societies appointed under section 3 and includes any person when exercising such powers of the Registrar as may be conferred upon him under that section;
Part VI
Audit, Inspection and Inquiry
Part VII
Part VIII
Surcharge and Attachment
Part IX
Disputes
Part X
Rules
Part XI