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Section 50
Savings and loans should be done in a member-centered manner
: (1) Co-operative societies can only accept the savings of their members, mobilize them and provide loans only to their members.
(2) Notwithstanding anything written in sub-section (1), no subject or multi-purpose organization other than an organization registered to carry out the main business of savings and loans shall be allowed to carry out the main business of savings and loans. However, if before the commencement of this Act, it has been registered as a multi-purpose or thematic organization and has been dealing in savings and loans as its main business, within three years, those organizations will be able to carry out their main business as mentioned at the time of registration without having the main business of savings and loans.< br> (3) Service fee and renewal fee shall be as prescribed by the procedure of the concerned institution, unless otherwise specified by the registrar in the loan provided by the cooperative society to the members.
(4) The difference between the interest rates of savings and loans shall not exceed six percent.
(5) The interest charged on the loan provided by the cooperative organization cannot be capitalized on the original loan and charged on the same basis.
(6) The cooperative organization shall not invest the savings money among its members, purchase bonds issued by the Government of Nepal or purchase shares of cooperative banks or small farmers microfinance institutions, purchase real estate, build infrastructure, invest in business, purchase shares of a firm, company or any other bank or any other Do not use for the purpose.
(7) The cooperative organization can collect savings up to fifteen times of the primary capital fund.
(8) The organization or association cannot make loan investments to members other than the members at the time of registration without the expiry of a period of three months from the date of membership.
(2) Notwithstanding anything written in sub-section (1), no subject or multi-purpose organization other than an organization registered to carry out the main business of savings and loans shall be allowed to carry out the main business of savings and loans. However, if before the commencement of this Act, it has been registered as a multi-purpose or thematic organization and has been dealing in savings and loans as its main business, within three years, those organizations will be able to carry out their main business as mentioned at the time of registration without having the main business of savings and loans.< br> (3) Service fee and renewal fee shall be as prescribed by the procedure of the concerned institution, unless otherwise specified by the registrar in the loan provided by the cooperative society to the members.
(4) The difference between the interest rates of savings and loans shall not exceed six percent.
(5) The interest charged on the loan provided by the cooperative organization cannot be capitalized on the original loan and charged on the same basis.
(6) The cooperative organization shall not invest the savings money among its members, purchase bonds issued by the Government of Nepal or purchase shares of cooperative banks or small farmers microfinance institutions, purchase real estate, build infrastructure, invest in business, purchase shares of a firm, company or any other bank or any other Do not use for the purpose.
(7) The cooperative organization can collect savings up to fifteen times of the primary capital fund.
(8) The organization or association cannot make loan investments to members other than the members at the time of registration without the expiry of a period of three months from the date of membership.