Section 30 in Jammu and Kashmir Co-operative Societies Rules, 2001
30. Investment of Funds
(1)A Co-operative Society may with previous sanction of the Registrar, invest the whole or any portion of its funds in the purchase of lease of land or in the acquisition, construction or renewal 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.(2)The provision of sub-rule (1) shall not apply:-(a)to immovable property purchased:-(i)by a Co-operative Society at a sale held in execution of a decree 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 obtained by a Co-operative Society financed by it, for the recovery of any sum due to such society or at a sale brought about by the liquidator of such society;(b)to the purchase or lease of lands or purchase, construction or renewal of buildings by a Co-operative Society.whose objections according to its bye-laws include such purchase, lease, construction or renewal.(3)No recoupment of the amount invested under this rule shall be necessary when the investment is made:-(a)by a Co-operative Society from its building fund constituted out of profits, or(b)by a Co-operative Society, other than a credit society in which the share Capital raised from the member is intended to build up the special kind of business for which it has been registered.(4)Nothing in this rule shall apply to the investment of the reserve fund of a Co-operative Society and such investment shall be governed by rule 31.
