Section 49. Investment of funds

A co-operative society shall invest its funds in one or more of the following, namely:- (a) Central Co-operative Bank; (b) Apex Co-operative Bank; (c) in the shares or securities or debentures issued by any other co-operative society with limited liability; (d) in any other mode permitted by the rules or by general or special order of the Government: Provided that notwithstanding anything contained in this section, the guidelines, if any, issued by the Reserve Bank of India in this regard for the Urban Co-operative Banks shall have effect: 55[Provided further that a short term co-operative credit structure society may invest or deposit its funds in any bank or financial institution regulated by the Reserve Bank of India.]