Investment of funds
Section 154B-17, Maharashtra Co-operative Societies Act, 1960
This chapter is in force. The 2019 Ordinance was a temporary law under article 213 of the Constitution and was replaced by the Maharashtra Co-operative Societies (Amendment) Act, 2019, which re-enacted Chapter XIII-B in the same terms. When citing this provision in a notice, application or plaint, cite it as a section of the Maharashtra Co-operative Societies Act, 1960 — not as a section of the Ordinance.
Funds may be invested in a District Central Co-operative Bank or the State Co-operative Bank holding at least an "A" audit class for the last three consecutive years — or, where no such bank is available in the district, any nationalised bank. Also permitted: securities under section 20 of the Indian Trusts Act 1882, shares or debentures of another limited-liability society, and any other mode allowed by the rules or by government order.
Source: Maharashtra Government Gazette, Extraordinary Part VIII, No. 21, 9 March 2019 — the authorised English translation published under article 348(3) of the Constitution. The Marathi on this page is our summary, not an official translation.
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