Section 9
Section 50 of the principal Act is amended—
of Co-Operative Societies (Amendment) Act 2021
(a)
by renumbering the existing section as subsection (1);
(b)
in subsection (1) as renumbered, by inserting after paragraph (e), the following paragraph:
“(ea) loans from any licensed financial institution, or co-operative society as may be determined by the Commission;”; and
(c)
by inserting after subsection (1) as renumbered, the following subsection:
“(2) For the purposes of paragraph (1)(ea),"licensed financial institution" means—
(a)
a licensed bank under the Financial Services Act 2013 [Act 758];
(b)
a licensed Islamic bank under the Islamic Financial Services Act 2013 [Act 759]; and
(c)
a prescribed institution under the Development Financial Institutions Act 2002 [Act 618]."