(1)

A society may invest, or deposit its fund,-

(a) in a Central Bank, or the State Co-operative Bank,

(b) in the State Bank of India,

(c) in the Postal Savings Bank,

(d) in any of the securities specified in Section 20 of the Indian Trusts Act, 1882 (II of 1882).

(e) in shares, or security bonds, or debentures, issued by any other society with limited liability, or

(f) [ in a Scheduled co-operative bank as defined in clause (2) of Section 2 of the Reserve Bank of India Act, 1934 and having its registered office within the State or in any nationalised bank; [Substituted by Gujarat 1 of 2008, Sec. 14 (w.e.f. 8.10.2007).]

(g) in any corporation owned or controlled by the Government of Gujarat and other Scheduled Banks not covered under clause (1), with the prior approval of the State Government subject to such terms and conditions as may be prescribed in this behalf :

(2)

Notwithstanding anything contained in sub-section (1), the Registrar may, with the approval of the State Co- operative Council, order a society or a class of societies to invest any funds in a particular manner, or may impose conditions regarding the mode of investment of such funds.