State Act

THE KARNATAKA CO-OPERATIVE SOCIETIES ACT, 1959.

58. Investment of funds.- A co-operative society may invest or deposit its funds,— (a) in a Government Savings Bank; or (b) in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (Central Act II of 1882); or (c) in the shares or securities of any other co-operative society; or 1[(d) with any Co-operative Bank; or 2[(e) with any scheduled bank 2[XXX]2 regulated by the Reserve Bank of its choice and approved by the 3[general body of that society till the date of the next annual general body meeting]3 . 4[Provided that, if a Co-operative Society invest or deposit outside the area of operation of the such society prior permission shall be obtained from the Registrar.]4 2[XXX]2 Provided further that in the case of a Co-operative Bank, such investment shall be made in accordance with the instructions and directives issued by the Reserve Bank from time to time.]2