08 January 2014
1.Can a society registered under cooperative societies act ,give guarantee in respect of term loan taken by another person. 2.Can a society registered under cooperative societies act accept loan from its employees.
the provisions as regards the loans as per the Co-op Societies Act is as follows:
Section 30. Restrictions on borrowing. A registered society shall receive deposits and loans from persons who are not members only to such extent and under such conditions as may be prescribed by the rules or by- laws.
CAclubindia
