Deposits or loans at interest

(1) Any society may receive deposits or loans at interest, within the limits provided in this section, from the members or other persons or from corporate bodies, joint stock companies, or from any terminating society under this Act to be applied to the purpose of the society. (2) In the case of a permanent society, the total amount so received on deposit or loan and not repaid by the society shall not at any time exceed two-thirds of the amount for the time being secured to the society by mortgage from its members. (3) In the case of a terminating society, the total so received and not repaid by the society may either be a sum not exceeding such two-thirds as mentioned in subsection (2) of this section, or a sum not exceeding twelve months’ subscriptions on the shares for the time being in force. (4) Every deposit book or acknowledgment or security of any kind given for a deposit or loan by a society shall have printed or written thereon or therein the whole of sections 22 and 56 of this Act. 14