Housing Society Bye-laws are the rules and regulations laid down for the proper and peaceful running of the co-operative housing societies. Co-operative society bye-laws are approved by the government authorities and are formed with the intention to help the societies self-regulate themselves.
MODEL BYE-LAWS OF COOPERATIVE HOUSING SOCIETY
VI. FUNDS, THEIR UTILIZATION AND INVESTMENT
(G) Investment of Funds (Bye Law No 15)
The funds of the Society, when not deployed in its objects, may be invested or deposited as required under Section 70 of the Act. Provided that Society’s funds collection shall be invested on long term basis, along with the interest earned thereon by one of the modes permitted under the said section of the Act.
Section 70 of The Maharashtra Cooperative Societies Act 1960
Investment of funds
A society shall invest or deposit its funds in one or more of the following:–
(a)in a Central Bankor the State Co-operative Bank;
(b)in any of the securities specified in section 20 of the Indian Trusts Act,1882;
(c) in the shares, or security bonds, or debentures, issued by any other society with limited liability and having the same classification to which it belongs:
Provided that, no society shall invest more than such proportion of its paid up share capital as may be prescribed:
Provided further that, the provisions of this clause shall not apply to any investment made by any agricultural credit society in any processing society based on agricultural produce.
(d)[in any co-operative bank (other than those referred to in clause (a) of this section) or banking company,] approved for this purpose by the Registrar, and on such conditions as the Registrar may from time to time impose;
(e) in any other permitted by the rules, or by general or special order of the State Government.
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