Section 66 in The Maharashtra Co-Operative Societies Act, 1960
66. Reserve fund.
(1)Every society which does, or can, derive a profit from its transactions shall maintain a reserve fund.(2)[Every society shall carry at least one-fourth of the net profits each year to the reserve fund;] [These words were substituted for the portion beginning with 'In the case of' and ending with 'to the reserve fund', by Maharashtra 33 of 1963, Section 14(a).] and [such reserve fund may, subject to the rules made in this behalf, if any, be used] [These words were substituted for the words 'such reserve fund may be used' by Maharashtra 3 of 1974, Section 10.] in the business of the society or may, subject to the provisions of section 70, be invested, as the State Government may by general or special order direct, or may, with the previous sanction of the State Government, be used in part for some public purpose likely to promote the objects of this Act, or for some such purpose of the State, or of local interest:[Provided that, the Registrar may, having regard to the financial position of a society or class of societies, fix the contribution to be made to the reserve fund under this sub-section at a lower rate, but not lower than one-tenth of the net profits of the society or societies concerned.] [This proviso was added by Maharashtra 33 of 1963, Section 14(b).]
