68.—(1) A society may receive loans from persons who are not members of the society only to such extent and under such conditions as may be prescribed by its by-laws and in the Rules.
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(2) A credit society shall not receive any deposit from any person other than a member of the credit society, or his immediate family member to such extent and under such conditions as may be prescribed by its by-laws.
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(3) A society which, under its by-laws, has power to borrow money shall determine from time to time at a general meeting —
(a)
the maximum liability which it may incur in loans from non-members; and
(b)
where the society is a credit society, the maximum liability which it may incur in loans or deposits from its members and their immediate family members.
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(4) The maximum liabilities determined under subsection (3)(a) and (b) shall be subject to the approval of the Registrar who may, at any time, reduce one or both of the maximum liabilities or impose such conditions as he thinks necessary.
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(5) In this section, unless the context otherwise requires —
“immediate family member” shall have such meaning as may be prescribed;
“loan”, in relation to a society, means —
(a)
the granting of an advance and other facility by a person to the society whereby the society has access to funds or financial guarantees; or
(b)
the incurring by the person of other liabilities on behalf of the society.