Section 62 in Rajasthan Co-operative Societies Act, 1965
62. Disposal of net profits.
(1)A co-operative society shall, out of its net profits in any year -(a)[ transfer, to the reserve funds, such percentage of its profits and within such period as may be prescribed: and] [Substituted by Rajasthan Act No. 2 of 1991 [27-3-1991].](b)credit such portion of the profits, as may be prescribed, to the Co-operative Education Fund constituted under the rules.(2)The balance of the net profits may be utilised for all or any of the following purposes, namely:-(a)payment of dividend to members on their paid up share capital at a rate not exceeding the prescribed limit;(b)payment of bonus to members on the amount or volume of business done by them with the society, to the extent and in the manner specified in the bye-laws;(c)constitution of, or contribution to, such special fund as may be specified in the bye-laws;(d)donations of amounts not exceeding ten percentum of the net profits for any charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890 (Central Act 6 of 1890); and(e)payment of bonus to employees of the society, to the extent and in the manner specified in the bye-laws.
