Section 48 of MCS ACT 1960 : Charge on immovable property of members borrowing from certain societies
48.Charge on immovable property of members borrowing from certain societies Notwithstanding anything contained in this Act or in any other l...
Friday, 30 September 2022
Section 47 of MCS ACT 1960 : Prior claim of Society
47.Prior claim of Society (1) Notwithstanding anything in any other law for the time being in force, but subject to any prior claim of Gover...
Section 46 of MCS ACT 1960 : Charge and set-off in respect of share or interest of member.
46.Charge and set-off in respect of share or interest of member. A society shall have a charge upon the share or interest in the capital, a...
Section 45 of MCS ACT 1960 : Restrictions on other transactions with non- members.
45.Restrictions on other transactions with non- members. Save as is provided in this Act, the transactions of a society with persons other t...
Section 44A of MCS ACT 1960 : Limit on interest in certain cases.
44A. Limit on interest in certain cases. Notwithstanding anything contained in any agreement or any law for the time being in force, a soci...
Section 44 of MCS ACT 1960 : Regulation of loan making policy
44.Regulation of loan making policy (1) No society shall make a loan to any person other than a member or on the security of its own shares...
Section 43 of MCS ACT 1960 : Restrictions on borrowings
43.Restrictions on borrowings (1) A society shall receive deposits and loans from members and other persons, only to such extent, and under...
Section 42 of MCS ACT 1960 : Power to exempt from taxation
42.Power to exempt from taxation (1) The State Government by notification in the Official Gazette may, in the case of any society or class...
Section 41 of MCS ACT 1960 : Exemption from compulsory registration of instruments relating to shares and debentures of society.
41.Exemption from compulsory registration of instruments relating to shares and debentures of society. Nothing in clauses (b) and (c) o...
Section 40 of MCS ACT 1960 : Admissibility of Copy of entry as evidence
40.Admissibility of Copy of entry as evidence (1) A copy of any entry in any book, register or list, regularly kept in the course of busines...
