4515

Any cooperative whose articles allow it may grant loans to members. The loan application shall indicate the purpose for which it is being requested, the security offered and any other information deemed pertinent.\nThe loan shall be secured by a promissory note drafted according to the instructions of the Board. Its signatories shall be deemed to be joint debtors. The cooperative may accept other securities.\nThe debtor may pay his/her loan, in whole or in part, during the working hours of the cooperative.\nHistory —Sept. 1, 2004, No. 239, § 20.4.