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Co-Operative Societies Act 2008

117. Receipt of loans and deposits

1.      Subject to the provisions of any by-law of a society made for the purpose, a society may receive deposits and loans from persons who are not members of the society for the purpose of meeting any obligation or discharging any of its functions under this Act.

2.      A society may by mortgage or in any other manner it deems appropriate, guarantee the repayment of any sums received by it pursuant to subsection (1).

Cooperative Societies Act, 2008 Back

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