Section 72 in Himachal Pradesh Co-Operative Societies Rules, 1971
72. Payment of the dividend, bonus etc.
- [(1) In every society with shares, the dividend may be declared upto a maximum of twenty five percent annum on the amount of paid up shares.] [Amended vide notification No.Coop. A(3)-1/99-Vol.-III dated 17-2-2009 published in Rajpatra dated 18-2-09.](2)No dividend shall be paid by a society with shares and unlimited liability without the previous sanction of the Registrar.(3)No dividend shall be paid in any society unless such dividend is recommended by the managing committee and approved by the general meeting;Provided that the general meeting may reduce the rate of dividend recommended by the managing committee but shall have no power to increase the same.(4)The Registrar may by a general or special order, direct that a society shall not pay dividend or shall pay dividend at a reduced rate so long as it received loans and deposits from nonmembers.(5)Subject to the provisions of any law for the time being in force on the subject, a society may set apart not more than ten per cent of its net profits for the payment of bonus to its salaried officers or employees, if such payment is recommended by the managing committee and approved by the general meeting and the Registrar :Provided that in case of a salaried officer or an employee, the amount of bonus shall not exceed two months' salary in a year.
