Section 25 - Amendment of section 64 - Multi-State Co-operative Societies (Amendment) Act, 2023

Amendment of section 64. 25 . In section 64 of the principal Act, (i) for clause (b), the following clause shall be substituted, namely: (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; ; (ii) in clause (d), after the words any other institution , the words in the same line of business as the multi-State co-operative society shall be inserted; (iii) for clauses (e) and (f), the following clauses shall be substituted, namely: (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. .