Section 70 in The Maharashtra Co-Operative Societies Act, 1960
70. [ Investment of funds. [Section 70 was substituted by Maharashtra Art 11 of 2008, Section 16, (w.e.f. 29.10.2007).]
- [A society] shall invest or deposit its funds in one or more of the following:-(a)[ in a District Central Co-operative Bank, or the State Co-operative Bank, having awarded at least "A" Audit Class in last three consecutive years] [Clause (a) was substituted by Maharashtra Act No. 16 of 2013 dated 13-8-2013, Section 24(b), (w.e.f. 14-2-2013).];(b)in any of the securities specified in section 20 of the Indian Trusts Act, 1882;(c)in the shares, or security bonds, or debentures, issued by any other society with limited liability and having the same classification to which it belongs;(d)[ in any other mode permitted by the rules, or by general or special order in that behalf by the State Government:] [Clause (d) was Inserted by Maharashtra Act No. 16 of 2013 dated 13-8-2013, Section 24(c), (w.e.f. 14-2-2013).]Provided that, no society shall invest more than such proportion of its paid up share capital as may be prescribed:Provided further that, the co-operative credit structure entity shall invest its funds subject to guidelines as may be issued, from time to time, by Reserve Bank of India.]
