(1) Any member of a registered society who is in Members liable arrear of any subscription which according to the by-laws of the registered society he is bound to pay, or who is in possession of, or detains, any property of the registered society in a manner or for a time contrary to such by-laws or injures or destroys any property of the registered society, may be sued for such arrear or for the damage accruing from such possession, detention, injury or destruction of property in the manner provided in this Act.
(2) Where the defendant succeeds in any such suit or other proceeding brought against him at the instance of the registered society and is adjudged to recover his costs, the provisions of section 21 shall apply to such judgment.
24. A registered society may, to such extent and under investment such conditions as may be permitted by its by-laws, from of funds, time to time, invest or deposit any portion of its funds not immediately required,—
(1) upon immovable properties ; or
(2) in securities of the Government or in National Savings Certificates or other securities of the Government of India ;
(3) in the Post-Office Savings Bank Account; or
(4) in a special account opened by the registered society for the purpose in a—
(a) corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970); or Application of funds of a registered society.
(b) society registered or deemed to be registered under the Tamil Nadu Co-operative Societies Act, 1961 (Tamil Nadu Act 53 of 1961), the primary object or principal business of which is the transaction of banking business ; or
(5) in such other mode of investment as may be prescribed.