Co-operative Societies Act 1979 s 67

s 67 Restrictions on loans

67.—(1) Subject to subsection (2), a credit society must not make a loan or allow any credit to any person other than —(a) a member of the credit society or the member’s immediate family member; (b) an employee of the credit society; or (c) another society that is not a member of the credit society, with the Registrar’s written approval. (2) For the purposes of subsection (1), a credit society may make loans or allow credit to persons who are not members of the credit society only to such extent and under such conditions as may be prescribed by its by-laws. (3) In this section, “immediate family member” has such meaning as may be prescribed.

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