(1) A registered society may invest or deposit its funds
(a) in the Government Savings 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 on the security of any other registered society, or
(d) with any bank or person carrying on the business of banking approved for this purpose by the Registrar, or
(e) in any other mode permitted by the rules.
(2) Any investments or deposits made before the commencement of this Act which would have been valid if this Act had been in force are hereby ratified and confirmed.