Home Acts & Rules Trust and Society Acts MULTI-STATE CO-OPERATIVE SOCIETIES ACT, 2002 This
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Section 64 - Investment of funds. - MULTI-STATE CO-OPERATIVE SOCIETIES ACT, 2002Extract Investment of funds. 64. 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 Transfer of Undertakings) Act, 1980 (40 of 1980).
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