law: Co-Operative Societies Act 2008 
  23.
  
  Borrowing by directors and other officers
  1.      No officer, director,
  
  Credit Committee member, Supervisory Committee member, or employee of a
  
  society, may borrow from the society an amount in excess of his holdings
  
  therein in shares, deposits and accumulated earnings, unless approved by the
  
  vote of two-thirds of the other members of the Board, Credit Committee and
  
  Supervisory Committee sitting together.
  2.      A meeting referred to
  
  in paragraph (1) is not properly constituted unless a quorum of the members of
  
  the Credit Committee is present.
  3.      No registered society
  
  shall lend any member an amount exceeding—
  a.     
  
    10
  
  percent of the aggregate of the registered society’s share capital, retained
  
  earnings and reserves;
  b.    
  
    the
  
  aggregate of the members’ ordinary deposits and the society’s reserves; or
  c.     
  
    such
  
  lesser percentage as is specified in the by-laws.