Section 52 in The Maharashtra Cooperative Societies Rules, 1961
52. Bonus and Dividend Equalization Fund.
(1)A society may create out of its net profits a fund to be called the Bonus Equalization Fund [for payment of bonus to persons other than its paid employees] [Substituted by G.N. of 8-11-1971.] [who are not its members] [Added by G.N. of 21-9-1972.].(2)Except otherwise specifically authorised by the Registrar, [the fund] [Substituted by G.N. of 8-11-1971.] so created shall be utilised in accordance with the provisions of the bye-laws of the society only [for payment of such bonus] [Substituted by G.N. of 8-11-1971.].(3)[ A society may create the Dividend Equalization Fund and credit to it a sum need exceeding 2 percent of the paid-up share capital in any year, until the total amount in such Fund amounts to 9 percent of the paid-up share capital. The society may draw upon this fund in any year only when it is unable to maintain a uniform rate of dividend it has been paying during the last preceding five years] [Substituted by G.N. of 8-11-1971.] or more.(4)No society shall declare a dividend at a rate exceeding that recommended by its committee.
