(1) A co-operative society may invest or deposit its funds-
(a) in the post office savings bank; or
(b) in any of the securities specified in section 20 of the Indian ,882. Trusts Act, 1882; or ( c ) in the shares or securities of any other co-operative society, o r
(d) in any banking company as defined in section 5 of the Bank.
1949. ing Regulation Act, 1949 approved in this behalf by the Registrar; or ( e ) in any corresponding new bank constituted under section 3 ?* - - [ x t .q of the Banking Companies (Acquisition and Transfer of Under-
970. takings) Act, 1970; or r l , d
(f) in the State Bank of India constituted under section 3 of the
1955. State Bank of India Act, 1955 or in any subsidiary bank as defined in
1959. section 2 of the State Bank of India (Subsidiary Banks) Act, 1959.
(2) Every investment or deposit made by a co-operative society of its funds before the commencement of this Regulation which would have been valid if this Regulation had been in force a t the time or times such investment or deposit was made, shall be deemed to have been made under this Regulation.