Sri Lanka Consolidated Acts

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Co-operative Societies (Amendment) Act (No. 32 of 1983) - Sect 2

Amendment of section 39 of Law of Law No.5 of 1972. [ 70 (2) 43 of 1982]

2. Section 39 of the Co-operative Societies Law, No. 5 of 1972 (hereinafter referred to as the " principal enactment") is hereby amended by the repeal of subsection (1) thereof, and the substitution therefor, of the following subsection:-
" (1) A registered society shall not make any loan to any person other than a member:
Provided that with the approval of the Registrar and on such conditions as may be prescribed by him, a registered society may make loans to another registered trader who has been appointed as an agent of the society for the distribution of such goods.".

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