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63. Restrictions on loans.- (1) A multi-State Cooperative society, other than a cooperative bank, shall not make a loan -
(a) to a member on the security or his share or on the security of a non-member; or
(b) to a non-member;
Provided that with the general or special sanction of the Central Registrar, a multi-State cooperative society may make loans to another multi-State cooperative society.
(2) Notwithstanding anything contained in sub-section (1), a multi-State cooperative society may make a loan to a depositor on the security of his deposit.
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