Section 64
Investment of funds.
The Multi-State Co-operative Societies Act, 2002
About this Act
An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operative s as peoples institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto.
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 Trust 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 Transfer of Undertakings) Act, 1980 (40 of 1980).
(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 Trust 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 Transfer of Undertakings) Act, 1980 (40 of 1980).