Sir, Please help me understand the process/procedure for the:
Credit Co-Operative Society's Loan committee sanctions secured mortgage loan to it's member. The society having it's employees including Executive Officer/Secretary on pay-roll who performs daily banking/co-operative society duty and executes Loans documents (@sub-registrar office) of Members on behalf of Credit Co_operative Society.
However, few Loan Documents were executed by President on priority basis with interest rate concession compare to loans given to other members.
Is this mortgage deed executed by president on behalf of credit co-operative society is valid?
The reason for raising this question is that, the bye-law of the society clearly states that "under any circumstances, In absence of Executive Officer, all his daily duty to be performed by his subordinate" Seeking your expert input on this. Thanking You.
