Section 20Part 10 — Power of Society to Borrow Money
Method of calculating amount secured to a society for the purpose of ascertaining limits for receiving deposits or loans
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In calculating the amount for the time being secured to a society under this Law by mortgages from its members for the purpose of ascertaining the limits of its power to receive deposits or loans at interest, the amount secured on properties, the payments in respect of which were upwards of twelve months in arrears at the date of the society’s last preceding annual account and statement, and the amount secured on properties of which the society had been twelve months in possession at the date of such account and statement shall be disregarded.