APCOS Act 46अध्याय VI · Chapter VI

धारा 46 · Investment of funds

- [A Society may by a resolution of majority of committee with due care and diligence, invest or deposit its funds which ate not immediately required for the business of the society,] [Substituted by Act No. 6 of 2005, w.e.f. 31-1-2005.]-

(a)

in the Postal Savings Banks ;

(b)

in any of the securities specified in Section 20 of the Indian Trust Act, 1982 ;

(c)

in the shares of securities of any other society ;

(d)

[ with any Nationalised Bank or Scheduled Bank ;] [Substituted by Act No. 22 of 2001, dated 25.4.2001.] [or the concerned District Co-operative Central Bank.] [Added by Act No. 6 of 2005, w.e.f. 31-1-2005.]

(e)

[x x x] [Omitted by Act No. 22 of 2001, dated 25.4.2001.]

[Provided that every primary agricultural credit society and every Co-operative Central Bank shall invest or deposit in each co-operative year towards the bad debts reserve of the said society or bank, a sum equal to one-fourth per centum of the amount granted by it as short term loans or medium term loans to its members during the co-operative year from out of the amounts borrowed by it from other co-operative financial institutions for granting such loans ; so however that no such investment or deposit shall be necessary when the total amount so invested or deposited towards bad debts reserve becomes equal to the total amount of bad debts of the society as estimated by the auditor appointed under Section 50.] [Inserted by Act No. 10 of 1970.]Explanation: - For the purposes of this section, sub-section (3) of Sections 47 and 71, the expression 'primary agricultural credit society' means the society referred to in clause (i) of Explanation to Section 36.

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