law: Co-Operative Societies Act 2008 
  108.
  
  Bond as additional security for loan
  1.      A registered society
  
  may require a member or officer to give bond with or without surety as
  
  additional security for security for the repayment of any loan and any
  
  condition thereby imposed on the member or officer relating to the payment of
  
  capital and interest shall be strictly observed and performed and on breach of
  
  any such condition the bond shall be forfeited forthwith.
  2.      Section 107 relating
  
  to the assignment of charges shall apply mutatis mutandis to the
  
  assignment of bonds.