law: Co-Operative Societies Act, 1912
  32. Investment of funds
  (1) A registered society may invest or deposit
  
  its funds -
  (a) in the Government
  
  Savings Bank, or
  (b) in any of the
  
  securities specified in section 20 of the Indian Trusts Act, 1882 (2 of 1882),
  
  or
  (c) in the shares or
  
  on the security of any other registered society, or
  (d) with any bank or
  
  person carrying on the business of banking, approved for this purpose by the
  
  Registrar, or
  (e) in any other mode
  
  permitted by the rules.
  (2) Any investments or deposits made before
  
  the commencement of this Act which would have been valid if this Act had been
  
  in force are hereby ratified and confirmed.