(1)
A registered society shall not make a loan to any person other than a member:
Provided that, with the general or special sanction of the Registrar, a registered society may make loans to another registered society:
Provided further that a registered society may make such loans as may be specified in the bye-laws to any of its paid employees.
(2)
Notwithstanding anything contained in sub-section (1)-
(3)
The Government may, by general or special order, prohibit or restrict the lending of money on mortgage of immovable property by any registered society or class or category of registered societies.