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Multi-State Cooperative Societies Act, 1984


62. Investment of funds.-

A multi-State cooperative society may invest or deposit its funds -

a.     in a cooperative bank, State cooperative bank, cooperative land mortgage bank, cooperative land development bank or Central cooperative bank; or

b.    in any of the securities specified in section 20 of the Indian Trusts Act, 1882; or

c.     in the shares or securities of any other multi-State cooperative society or any cooperative society; or

d.    in the shares, securities or assets of any other institution, with the previous approval of the Central Registrar; or

e.     with any bank; or

f.     in such other mode as may be prescribed.

Explanation - In clause (e), "bank" means any banking company as defined in clause (e) of section 5 of the Banking Regulation Act 1949, and includes -

              i.        the State Bank of India constituted under the State Bank of India Act, 1955;

             ii.        a subsidiary bank as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959;

            iii.        a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Under-takings) Act, 1970 or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.



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