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Co-Operative Societies Act 2008

108. Bond as additional security for loan

1.      A registered society may require a member or officer to give bond with or without surety as additional security for security for the repayment of any loan and any condition thereby imposed on the member or officer relating to the payment of capital and interest shall be strictly observed and performed and on breach of any such condition the bond shall be forfeited forthwith.

2.      Section 107 relating to the assignment of charges shall apply mutatis mutandis to the assignment of bonds.

Cooperative Societies Act, 2008 Back

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