Section 64 - Investment of funds. - Multi-State Co-Operative Societies Act, 2002

Investment of funds. 64. A multi‑State co‑operative society may invest or deposit its funds ( a ) in a co‑operative bank, State co‑operative bank, co‑operative land development bank or Central co‑operative bank; or 1 [ (b) in any of the securities issued by the Central Government, State Government, Government Corporations, Government Companies, Authorities, Public Sector Undertakings or any other securities ensured by Government guarantees; ] ( c ) in the shares or securities of any other multi‑State co‑operative society or any co‑operative society; or ( d ) in the shares, securities or assets of a subsidiary institution or any other institution 2 [ in the same line of business as the multi-State co-operative society ] ; or 3 [ (e) with any other scheduled or nationalised bank. Explanation. For the purposes of this clause, the expression, (i) scheduled bank shall have the same meaning as assigned to it in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934); and (ii) nationalised bank means a corresponding new bank constituted under sub-section (1) of section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970.) and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980.); or (f) in such other manner as may be determined by the Central Government. ] Explanation . For the purposes of clause ( e ), bank means any banking company as defined in clause ( c ) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), and includes ( i ) the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955); ( ii ) a subsidiary bank as defined in clause ( k ) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); ( iii ) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980). **************** NOTES:- 1. Substituted vide THE MULTI-STATE CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 2023 dated 03-08-2023 before it was read as, ( b ) in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (2 of 1882); or 2. Inserted vide THE MULTI-STATE CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 2023 dated 03-08-2023 3. Substituted vide THE MULTI-STATE CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 2023 dated 03-08-2023 before it was read as, ( e ) with any other bank; or ( f ) in such other mode as may be provided in the bye‑laws.