Multi-State Co-operative Societies Act,2002

Act No : 39

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Section : Investment of funds.

64. Investment of funds.-A multi-State co-operative society may invest or deposit its funds- (a) in a co-operative bank, State co-operative bank, co-operative land development bank or Central co-operative bank; or (b) in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (2 of 1882); or (c) in the shares or securities of any other multi-State co-operative society or any co-operative society; or (d) in the shares, securities or assets of a subsidiary institution or any other institution; or (e) with any other bank; or (f) in such other mode as may be provided in the bye-laws. Explanation.-For the purposes of clause (e), ''bank'' means any banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), and includes- (i) the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955); (ii) a subsidiary bank as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); (iii) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfe of Undertakings) Act, 1980 (40 of 1980).

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