Section 48 in The Orissa Co-operative Societies Rules, 1965
48. Investment of Funds.
(1)The funds of a Society not utilised in its business operation may be invested in the following manner in addition to those specified in Section 57-(i)with the previous sanction of the Registrar in the purchase or lease of land or in the purchase, construction or renewal of any building that may be necessary to conduct its business, provided however that no sanction of the Registrar will be required, if the expenditure is incurred fully from the building fund, if any, constituted out of profits under Clause (c) of Sub-Section (2), of Section 56;(ii)purchase of immovable property at a sale held in the execution of a decree obtained by Society for the recovery of any sum due to it;(iii)purchase by a financing bank at a sale in the execution of a decree obtained by a Society, financed by it in the recovery of any sum due to such Society or at a sale brought about by the liquidator or such Society;(iv)purchase or lease of land or purchase, construction or renewal of the building of Society whose object according to its Bye-Laws include such purchase, lease, construction or renewal.(2)The amount of the funds so invested shall be recouped on such terms as may be determined in each case by the Registrar. However no recoupment of the amount invested under this rule shall be necessary where the investment is made by a Society from its building fund, constituted out of profit under Section 56 (2)(c).(3)It shall be an offence under Section 115 of the Act, if an officer or member of a Society or of a Committee thereof invests found not utilised in Society's business otherwise than in the manner laid down under Section 57 of the Act or under this Rule.
