Section 176 in The U.P. Co-operative Societies Rules, 1968
176.
A co-operative society may, with the previous sanction of the Registrar, invest the whole or any portion of its fund in the purchase or lease of land or in the purchase, construction, extension or remodelling of any building that may be necessary to conduct its business. The amount of the funds so invested shall be recouped on such terms as may be determined in each case by the Registrar:Provided that this rule shall not apply -(a)to immovable property purchased-(i)by a society at a sale held in execution of a decree, order or award 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, order or award obtained by a society (such society being indebted to the financing bank) for recovery of any sum due to such society or at a sale by or on behalf of the liquidator of such society;(b)to the purchase or lease of land or purchase, construction or remodelling of buildings of a society, whose objects according to its bye-laws include such purchase, lease, construction or remodelling; or(c)to the investment of the reserve fund of a society, such investment being governed by Rules 165 and 166:Provided further that no recoupment of the amount invested under this rule shall be necessary when the investment is made-(i)by a society from its building fund constituted out of its profits; or(ii)by a co-operative housing society.
