Section 37 in The Punjab Co-operative Societies Rules, 1963
37. Investment of fund. [Sections 44 (d) (e) and 85 (2) (xxii)]
(1)Besides the manner provided in section 44, a Co- operative Society may invest or deposit its funds or any portion thereof-(a)in any bonds, certificates or loans issued by the Government or the Central Government;(b)in debentures floated by a Co-operative Society;(c)with the previous sanction of the Registrar, in the purchase or lease of land or building or in the acquisition, construction or renewal of any building that may be necessary to conduct its business.(2)The amount of the funds invested under clause (c) of sub-rule (1) shall be recouped on such terms as may be determined in each case by the Registrar.(3)The provisions of clause (c) of sub-clause (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, for the recovery of any sum due to it; or(ii)by a financing bank at a 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 Co-operative Society or at a 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 objects according to its bye-laws include such purchase, lease, construction or renewal.
