(3A) 1[ Any loan prohibited under sub- section (3), made before and outstanding at the commencement of the Insurance (Amendment) Act, 1940 (20 of 1940 ), shall be repaid before the 1st day of January, 1941 , and in case of default the director, manager, managing agent, auditor, actuary, officer or partner who has received the loan or is connected with the concern which has received the loan, as the case may be, shall cease to hold office in or be a partner of the society and shall be ineligible to hold office in or be a partner of the society until the loan is repaid.]