(1)Every co-operative society shall out of its net profits contribute towards the Co-operative Education Fund within one month of the end of the year at the rate of half per cent of its net profit or the amount given below whichever is higher:(a)Primary Co-operative Society - Rs. 500 per annum.(b)District/Central Co-operative Bank - Rs. 10,000 per annum.(c)Other Central Co-operative Societies - Rs. 5,000 per annum.(d)Uttar Pradesh Co-operative Bank, Uttar Pradesh Gram Vikas Bank, Uttar Pradesh Co-operative Federation - Rs. 1,00,000 per annum(e)Apex Societies other than (d) above - Rs. 25,000 per annum.Provided that such co-operative societies which incur loss in the year shall also contribute towards the Co-operative Education Fund:Provided further that the Registrar may remit fully or partially the contribution from any co-operative society on the ground of its bad financial condition.(2)Every Co-operative Society shall out of its net profits contribute one percent or maximum Rs. 2,500/- towards the Research and Development Fund created in the apex society of the class, to which that society belongs to:Provided that the contribution of the apex society of that class shall not be less than Rs. 10,000 and other class or classes may also contribute such sum to the fund as determined by the Registrar from time to time.(3)Each primary, central and apex Co-operative Society shall deposit one per cent of its net yearly profit in an account to be notified by the Commissioner and Registrar of Co-operative Societies, Uttar Pradesh. This fund will be utilised for performance of activities related to monitoring and evaluation of their work and for research and planning of development activities.The expenditure of the fund shall be made in such manner as may be decided by Commissioner and Registrar Co-operative Societies.]
