44A. Limit on interest in certain cases.- Notwithstanding anything contained in any agreement or any law for the time being in force, a society (including a co-operative bank but excluding an Agriculture and Rural Development Bank shall not for any loan (including rehabilitation loan but excluding long-term loan for irrigation or agricultural development purposes or loan exceeding rupees three thousand for non-agricultural or commercial purposes) given by it to any member (including a member-society) for a period not exceeding15 years, whether the loan was given before or is given after the commencement of the Maharashtra Cooperative Societies (Second Amendment) Act, 1985, recover, in any manner whatsoever, on account of interest, a sum greater than the amount of the principal of the loan. |