Section 71 in The Gujarat Co-Operative Societies Act, 1961
71. Investments of funds.
(1)A society may invest, or deposit its fund,-(a)in a Central Bank, or the State Co-operative Bank,(b)in the State Bank of India,(c)in the Postal Savings Bank,(d)in any of the securities specified in Section 20 of the Indian Trusts Act, 1882 (II of 1882).(e)in shares, or security bonds, or debentures, issued by any other society with limited liability, or(f)[ in a Scheduled co-operative bank as defined in clause (2) of Section 2 of the Reserve Bank of India Act, 1934 and having its registered office within the State or in any nationalised bank; [Substituted by Gujarat 1 of 2008, Sec. 14 (w.e.f. 8.10.2007).](ff)in any land or building,---(i)where the money in a building fund established by a society is sufficient for the purpose; or(ii)where the money in such a fund is insufficient for the purpose or where a society has not established such fund, with the previous sanction of the Registrar :Provided that the Registrar shall endeavour to decide the question as to previous sanction be given or not, within ninety days of the receipt of an application for such sanction,(g)in any corporation owned or controlled by the Government of Gujarat and other Scheduled Banks not covered under clause (1), with the prior approval of the State Government subject to such terms and conditions as may be prescribed in this behalf :Provided that in the case of the State Co-operative Bank, the Central Co-operative Banks and the Primary Agricultural Credit Co-operative Societies, the Reserve Bank of India may issue further guidelines restricting or enlarging the scope of investment in any institutions approved for the purpose under this section.](2)Notwithstanding anything contained in sub-section (1), the Registrar may, with the approval of the State Co- operative Council, order a society or a class of societies to invest any funds in a particular manner, or may impose conditions regarding the mode of investment of such funds.
