Section 48(1) in The Orissa Co-operative Societies Rules, 1965
(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.
