Amendment status not verified — confirm the current text below against the official source.
Investment of Fund: - (1) Besides the manner provided in section 41, a co- operative society may invest or deposit its funds or a portion thereof: (a) in any bonds, certificates or loans issued by the Government; (b) in debentures floated by a co-operative society; and (c) with the previous sanction of the Registrar in the purchase of lease of land or building or in the acquisition, construction or in renewal of any building that may be necessary to conduct its business. (2) The amount of the funds invested under clause (c) of the sub-rule (1) shall be recouped in such terms as may be determined in each case by the Registrar. (3) The provisions of clause (c) of sub rule (1) shall not apply: (a) to immovable property purchased (i) by a co-operative society at a sale held in execution of a decree obtained by it or the recovery of any sum due to it; or (ii) by a financing bank at sale held in execution of a decree obtained by a co-operative society financed by it for the recovery of any sum due to such society or at sale brought about by the liquidator of such co-operative society ; or (b) to the purchase or lease for lands or purchase, construction or renewal of buildings by a co-operative society whose object according to its bye-laws includes such purchase, lease, construction or renewal. 57 Registrar of Co-operative Societies, Co-operative Department, A&N Islands, VIP Road, Junglighat, Port Blair, PIN-744103 (Contact No.03192232388), 2019. ANDAMAN & NICOBAR GAZETTTE, EXTRAORDINARY, OCT, 16, 1974