Section 50 in The Maharashtra Cooperative Societies Rules, 1961
50. Appropriation of profits.
(1)The other purposes for which a society may appropriate its profits shall be education and enlightenment of the members of the society as also any co-operative or charitable purpose including relief to the poor, education, medical relief and advancement of any other general public utility, provided that the expenditure on such items does not exceed [twenty] [Substituted '10' by Notification No. CSL-2014/697/C.R.04/13C, dated 30.8.2014 (w.e.f. 23.12.1961).] per cent of the net profits.(2)[ The net profits calculated in accordance with the provisions of rule shall be appropriated for the creation of -(a)Development Fund;(b)Dividend Equalisation Fund; or(c)any other fund created under bye-laws.]
