CO-OPERATIVE CREDIT SOCIETIES ACT 141 



members only to such extent and under such conditions as 

 may be provided by its by-laws or by rules made under this 

 Act. 



10. (i) A society shall make no loan to any person other Restrictions 

 than a member : °" 1°^"^- 



Provided that, with the consent of the Registrar, a society 

 may make loans to a rural society. 



(2) Save with the permission of the Registrar to be given by 

 general order in the case of each society, a rural society shall 

 not lend money on the security of movable property. 



(3) The Local Government may, by general or special order, 

 prohibit or restrict the lending of money on mortgage of im- 

 movable property or any kind thereof by any society or class 

 of societies. 



11. A society may deposit its funds in the Government Deposit of 

 Savings Bank or with any banker or person acting as a banker society s 

 approved for this purpose by the Registrar. 



Shaves and Interests of Members. 



12. Where the liability of the members of a society is limited Limit on 

 by shares, a member shall not hold more than such portion of ^^^^gniber 

 the capital of the society, subject to a maximum of one-fifth, as 



may be prescribed by any rules made under this Act : 



Provided that no member of such a society shall hold more 

 shares than represent a nominal value of one thousand rupees. 



13. (i) Where the liability of the members of a society is Votes of 

 not limited by shares, each member shall, notwithstanding the ""embers, 

 amount of his interest in the capital, only have one vote as a 

 member in the affairs of the society. 



(2) Where the liability of the members of a society is limited 

 by shares, each member shall have as many votes as may be 

 prescribed by the by-laws of the society. 



14. (i) A member shall not transfer any share held by him Restrictions 

 or his interest in the capital of the society or any part thereof, °^ 'J^ansfer 

 unless he has held such share or interest for one year at least, interest. 



(2) The share or interest of a member in the capital of a 

 society shall not be transferred or charged, unless to the society 

 or to a member of the society and subject to any conditions as 

 to maximum holding prescribed by this Act or by the by-laws 

 or by any rules made under this Act. 



15. Subject to the provisions of section 20, the share or Shares or 

 interest of a member in the capital of a society shall not be !"'f[^^/ "°^ 

 liable to attachment or sale under any decree or order of a attachment 

 Court of Justice in respect of any debt or liability incurred by 



such member, and neither the Official Assignee nor a Receiver 



appointed under Chapter XX. of the Code of Civil Procedure XIV. of 1882. 



