Section 56(1) in The Orissa Co-operative Societies Act, 1962
(1)A Society shall, out of its net profit in any year -(a)transfer an amount not less than ten per cent in the case of a Co-operative Farming Society and not less than twenty-five per cent in any other case, of the profits to the reserve fund; and(b)[ credit four per cent of such profits to the Co-operative Education Fund constituted under Section 56-A] [Substituted by Orissa Act No. 19 of 1983, Section 16 (ii).],[Provided that nothing in this clause shall apply to a Co-operative Credit Society.] [Inserted by Orissa Act 1 of 2008 Section 17 (a) & (b) (O.G.E. No. 654 dated 20.3.2008).]
