Section 65 in Assam Co-Operative Societies Act, 2007
65. Disposal of surplus.
- (l) The surplus, if any, arising out of the business of a cooperative society in a financial year shall be used for the purpose as mentioned under clause (a), (d), (h) and (i) and in one or more of the following purpose as:-(a)towards a deficit cover fund;(b)to be distributed as surplus refund among its members;(c)to develop its business;(d)towards reserves funds constituted in accordance with the bye-1aws;(e)to provide common services to its members;(f)to provide rewards or incentives to staff;(g)towards payment of bonus under the Payment of Bonus Act, 1965 (21 of 1965) to the employees;(h)towards writing off bad debts and losses not adjusted;(i)towards such purposes as may be specified in the bye-laws; and(j)to cooperative development fund.(2)Surplus arising out of the business of a cooperative society shall be fully disposed of at the annual general meeting in which the audited annual financial statement of accounts for the year in which the surplus arose is presented for the consideration of the general body.
