CCOS Rules 31अध्याय IV · Duties, Privileges, Property and Funds of Societies

धारा 31 · Investment and use of funds other than reserve fund

(1)

Subject to the provisions of Section 44, a society shall not, except with the previous sanction of the Registrar, invest and use the whole or any portion of its funds [(other than reserve or other fund created for specified purposes)] [Substituted by notification No. F-5-7-94-XV-1, dated 21-7-95.] in the purchase or lease of land or in acquisition, construction or renewal of any building or in the purchase of any machinery or mechanically propelled vehicle costing more than [the limit fixed by the Registrar from time to time] [Substituted by notification No. F-5-23-83-1-XV, dated 10-1-84, for the words 'five thousand rupees'.] that may be necessary to conduct its business. The amount of the funds so invested shall be recouped on such terms as may be determined in each case by the Registrar.

(2)

The provisions of sub-rule (1) shall not apply-

(a)

to immovable property purchased-

(i)by a society at a sale held in execution of a decree obtained by it, for the recovery of any sum due to it; or

(ii)by a financing bank at a sale held in execution of a decree obtained by a society financed by it, for the recovery of any sum due to such society or at a sale brought about by the liquidator of such society; or

(b)

to the purchase or lease of lands or purchase, construction or renewal of buildings by a society whose objects according to its bye-laws include such purchase, lease construction or renewal.

(3)

No recoupment of the amount invested under this rule shall be necessary where the investment is made-

(a)

by a society from its building fund constituted out of profits; or

(b)

by a society, other than a credit society, in which the share capital raised from the members is intended to built up the special kind of business for which it has been registered.

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