Section 57 in Himachal Pradesh Co-Operative Societies Act, 1968
57. Reserve fund.
(1)Every society shall maintain a reserve fund in respect of the profits, if any, derived from its transactions.(2)On the net profits of a society in each year they shall be carried to the reserve fund not less than twenty-five per centum or such higher proportion as may be prescribed for such society or class of societies.(3)Save to the extent, and in such manner, as may be prescribed, no part of this reserve fund shall be used in the business of a society.(4)Subject to the rules, any portion of the reserve fund not used in the business of a society shall be invested or deposited,-(a)in the post office saving bank; or(b)in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (2 of 1882), other than those specified in clause (e) of that section; or(c)in any other bank approved by the Registrar.
