115. An association contemplated in section 114 may make loans to its members for the purposes of their fishing industry, but such loans shall be made only out of the available funds of the association not absorbed by corporate debts due, or out of funds specifically placed at its disposal by a federation for loans of such nature.
No such loan shall be made unless previously approved by the board of directors or the executive committee of the federation of which the association is a member.
Such approval shall not engage the liability of the federation.
R. S. 1964, c. 292, s. 103.