Agricultural Credit Act, 1929

Rules of co-operative creamery societies.

29.—(1) Notwithstanding anything contained in the Industrial and Provident Societies Act, 1893 , the rules of a society registered under that Act to carry on the business of a co-operative society may provide for all or any one or more of the following things, that is to say:—

(a) advances of money by the society to its members on security other than the security of real or personal property, where such advances are made out of money advanced to such society by the Corporation;

(b) guarantees by the society of the repayment of advances and the payment of interest on advances made by the Corporation to members of the society;

(c) the society acting as agent for the Corporation in the making of advances by the Corporation to members of the society.

(2) This section shall be deemed to have come into force on and shall have effect as on and from the 28th day of May, 1927.