Section 44 in The M.P. Co-Operative Societies Act, 1960
44. Investment of funds.
(1)Subject to the provisions of sub-sections (2) and (3), a society may invest or deposit its funds-(a)in Government Savings Bank; or(aa)[ in a Co-operative Bank; or] [Inserted by M.P. Act No. 14 of 1976.](b)in any of the securities specified in Section 20 of the Indian Trusts Act, 1882 (II of 1882); or(c)with the federal society of which it is a member or in the purchase of the share thereof; or(d)with the approval of the Registrar, with any other society with limited liability or in the purchase of the shares or securities or debentures thereof; or(e)[ with any bank approved for this purpose by the Registrar and on such terms and conditions, if any, as may be laid down by him in this behalf] [Substituted by M.P. Act No. 25 of 1988 [w.e.f. 28-6-1988].]; or(f)[ x x x] [Omitted by M.P. Act No. 12 of 1994 [w.e.f. 8-5-1994].]Provided that the approval of the Registrar shall not be necessary under clause (d) if shares are to be purchased to become a member thereof according to the bye-laws of such society.(2)The reserve fund of a society shall be invested or utilised only in such manner and on such terms and conditions as may be laid down by Registrar in this behalf.(3)[ No investment of any of its funds in immovable property, other than funds created for specified purposes, shall be made by a society other than a housing society without the approval of the Registrar] [Substituted by M.P. Act No. 12 of 1994 [w.e.f. 8-5-1994].].(4)A society accepting deposits shall maintain, as a cover against such deposits, fluid resources to such extent and in such manner as may be specified by the Registrar from time to time.
