Section 57(3) in Karnataka Co-Operative Societies Act, 1959
(3)The balance of the net profits may [***] [Inserted by Act 40 of 1964 w.e.f. 26.06.1965 and Omitted by Act 25 of 1998 w.e.f. 15.08.1998.] be utilised for all or any of the following purposes, namely:-(a)[ *** [Omitted by Act 40 of 1964 w.e.f. 26.06.1965.](b)***](c)payment of bonus to members on the amount or volume of business done by them with the society to the extent and in the manner specified in the bye-laws:Provided that no bonus shall be payable to members in a credit society;(d)constitution of, or contributions to, such special funds as may be specified in the bye-laws;(e)donations of amounts not exceeding ten per cent of the net profits for any charitable purpose as defined in section 2 of Charitable Endowments Act, 1890 (Central Act VI of 1890); and(f)payment of bonus to employees of the society, to the extent and in the manner specified in the bye-laws:Provided that the bonus payable in any year to any employee shall not exceed two months' pay.
