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Directive on Investment of Funds in Financing Institutions

Office of The
Registrar Cooperative Societies (Delhi Admn.)
Court's Building, Parliament Street,
New Delhi-110 001 

No. PA/RCS/85 Date: 29th Nov. 1985

Order

Investment of funds by Cooperative Societies is Governed by the Provision of Section 49 of the Delhi Cooperative Societies Rules, 1973. However it has come to Notice that a few Cooperative Societies, Specialty Group Housing Societies which have not been allotted land are investing their funds in other institutions, public undertaking etc. Which is a gross violation of the Cooperative law in force.

Therefore, I, SANAT KAUL, Registrar, Cooperative Societies Delhi in exercise of powers conferred on me under Rule 77 of the Delhi Cooperative Societies Rules, 1973 hereby direct that all such Cooperative Societies which have invested their funds against the provisions of the Delhi Cooperatives Societies Act, 1972 and Rules framed there under to withdraw their deposits forthwith and invest the same in the approved institutions like Delhi State Cooperative Bank, A Class Cooperative Urban Banks, Nationalized Banks, Delhi Cooperative Housing Finance Society Ltd., etc.

Any violation of above directive after 31.12.1985 would be construed improper investment of fund and members of the Managing Committee would be personally held responsible for this and would be liable for appropriate legal action at their cost and risk.

Sd/-
(Sanat Kaul)
Registrar
Cooperative Societies, Delhi Admn.
Delhi

Last Updated Date :- 21-06-2018

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  • Page last updated on: 21-10-2021