Section 144-5A : Prohibition on accepting deposit from non-members
Notwithstanding anything contained in any Act, a non- agricultural co-operative credit society shall not accept deposit from any person who is not its member. If any society which has accepted deposit from non-members, before the date of commencement of the said Amendment Act, 2017, it shall either enroll them as members or refund deposits of all non- members within two years from commencement of the said Amendment Act, 2017.
Explanation.— For the purposes of this section, “member” does not include nominal member.
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