Investment of funds

(1) A society shall invest or deposit its funds in one or more of the following_ (a) in the State Co-operative Bank or State Bank of India ; (b) in any of the securities specified in section 20 of the Indian Trust Act, 1882 ; (c) in the shares, or security bonds, or debentures, issued by any other society with limited liability ; (d) “in any bank or Reserve Bank regulated financial institution of its choice,” or (e) in the postal Savings bank ; or (f) in any other mode permitted by rules, or by general or special order, of the Government. "Provided that clause (f) of sub section (1) will not be applicable to a cooperative credit structure society. Provided further that and while making investments, cooperative credit structure societies will follow guide lines, if any, issued by Reserve Bank". (2) Notwithstanding anything contained in sub-section (1) the Registrar may order a society or class of societies to invest any funds in a particular manner or may impose conditions regarding the mode of investment of funds. It will be an abeyance on the part of the officers willfully failing to comply with the requirements of this section.