(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 Trusts Act, 1882 (2 of 1882); or
(c) in the shares or securities of any other co-operative society; or
(d) in any banking company as defined in section 5 of the Banking Regulation Act, 1949 (10 of 1949), approved in this behalf by the Registrar; or
(e) in any corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970); or 20 Registrar of Co-operative Societies, Co-operative Department, A&N Islands, VIP Road, Junglighat, Port Blair, PIN-744103 (Contact No.03192232388), 2019.
ANDAMAN & NICOBAR GAZETTTE, EXTRAORDINARY, MAY 13, 1973
(f) in any State Bank of India constituted under section 3 of the State Bank of India Act, 1955 (23 of 1955) or in any subsidiary banks as defined in section 2 of the State Bank of India (Subsidiary Banks) Act 1959 (38 of 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 at the time or times such investment or deposit was made, shall be deemed to have been made under this Regulation.