Section 59 in The U.P. Co-operative Societies Act, 1965
59. Investment of Funds.
- Subject to the provisions of the rules, a co-operative society may invest or deposit its funds -(a)in any of the securities specified in Section 20 of the Indian Trust Act, 1882 (Act II of 1882) ; or(b)in the shares or debentures of any other co-operative society; or(c)with any bank approved for this purpose by the registrar; or(d)in any other mode as may be prescribed:[Provided that in the case of a Co-operative Credit Society, the committee of management shall be competent to invest its surplus and other funds in any financial institution regulated by Reserve Bank in the interest of the society.] [Inserted by U.P. Act 47 of 2007, Section 12.]
