A co-operative society shall invest its funds in one or more of the
following, namely:-
(a) Central Co-operative Bank;
(b) Apex Co-operative Bank;
(c) in the shares or securities or debentures issued by any other co-operative society with limited liability;
(d) in any other mode permitted by the rules or by general or special order of the Government:
Provided that notwithstanding anything contained in this section, the guidelines, if any, issued by the Reserve Bank of India in this regard for the Urban Co-operative Banks shall have effect:
55[Provided further that a short term co-operative credit structure society may invest or deposit its funds in any bank or financial institution regulated by the Reserve Bank of India.]
(a) Central Co-operative Bank;
(b) Apex Co-operative Bank;
(c) in the shares or securities or debentures issued by any other co-operative society with limited liability;
(d) in any other mode permitted by the rules or by general or special order of the Government:
Provided that notwithstanding anything contained in this section, the guidelines, if any, issued by the Reserve Bank of India in this regard for the Urban Co-operative Banks shall have effect:
55[Provided further that a short term co-operative credit structure society may invest or deposit its funds in any bank or financial institution regulated by the Reserve Bank of India.]
55 Added by Act No. 7 of 2010 (w.e.f. 16.10.2009).