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Co-Operative Societies Act · s 32

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s 32

(1)

Subject to the rules and its by-laws, a registered society may invest or deposit its surplus funds in —

(a)

any financial institution licensed under the Banking Order,

2006 (S 45/2006) or the Islamic Banking Order, 2008 (S 96/2008)

approved for this purpose by the Registrar;

(b)

any financial institution established by the Government;

(c)

any registered society approved for this purpose by the

Registrar;

Co-operative Societies

(d)

any bonds or securities issued in Brunei Darussalam under any written law;

(e)

such other investments and securities as are authorised under any written law for the investment of trust funds.

(2)

No registered society shall invest its surplus funds in any other mode, except with the approval of the Registrar, in —

(a)

the shares or securities of any other registered society;

(b)

the share capital or convertible or redeemable debenture stocks of any company or any body corporate registered in Brunei

Darussalam, other than those specified in subsection (1);

(c)

any joint venture company; or

(d)

its subsidiaries.

(3)

No registered society shall invest its funds exceeding a limit which shall be determined by its general meeting.

Capital gains. [S 61/2012]