The Societies Registration Act (XXI of 1860) | Case Reference

The Societies Registration Act (XXI of 1860)

Section 20 

That a society registered under the Societies Registration Act may invest its fund with the object of getting more money for spending in charitable pur- poses. The main object of this invest- ment is to provide charities to deserving persons and not to make profit. So the investment by BRAC in BRAC Bank Limited is not for profit. The object of BRAC as found from their Memorandum of Association is charity and for perpetuating their object such investment is permissible and we find no wrong in the same. BRAC, BRAC Centre 75 Mohakhali, vs Professor Mozaffar Ahmed etc. (Mahmudul Amin Choudhury CJ)(Civil) 2ADC 414