Section 19Part 10 — Power of Society to Borrow Money
Power to borrow money
←→ Navigate · Click subsection badges to collapse · Press ? for help
With respect to the borrowing of money by societies incorporated under this Law —
any such society may receive deposits or loans at interest, within the limits in this section provided, from the members or other persons, or from corporate bodies or joint stock companies, to be applied to the purposes of the society; and
the total amount so received on deposit or loan and not repaid by the society shall not at any time exceed seventy-five per cent of the amount for the time being secured to the society by mortgages from its members.