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The Pamphlet Collection of Sir Robert Stout: Volume 45

Loans may be made out of separate loan fund

Loans may be made out of separate loan fund.

(2.) A society may, out of any separate loan fund to be formed by contributions or deposits of its members, make loans to its members on their personal security, with or without, sureties, as may be provided by the rules, subject to the following restrictions:—
(a.)No loan can at any time be made out of moneys contributed for the other purposes of the society:
(b.)No member shall be capable of holding any interest in the loan fund exceeding two hundred pounds:
(c.)No society shall make any loan to a member on personal security beyond the amount fixed by the rules, or shall make any loan which, together with any moneys for the time being owing by a member to the society, shall exceed fifty pounds:
(d.)No society shall hold at any one time on deposit from its members any moneys beyond the amount fixed by the rules, which shall not exceed two-thirds of the total sums for the time being owing to the society by the members who have borrowed from the loan fund.