Section 66 in Arunachal Pradesh Co-operative Societies Act, 1978
66. Appropriation of profits.
(1)A society earning profits shall calculate the net profits by deducting from the gross profits for the year, all interest accrued which is overdue for more than six months, establishment charges, interest payable on loans and deposits, audit fees, working expenses including repairs, rent, taxes and depreciation, and after providing for or writing off bad debts and losses not adjusted against any fund created out of profits. A society may, however, add to the net profits for the year. The net profits thus arrived at, together with the amount of profits brought forward from the previous year, shall be available for appropriation.(2)A society may appropriate its net profits to the reserve fund or any other fund to payment of dividends to members on their shares, to the contribution to educational fund of the territory level federal society which may be notified in this behalf by the Government to the payment of bonus on the basis of the support received from members and persons who are not members of its business, to payment of honoraria and towards any other purpose which may be specified in the rules or bye-laws:Provided that no part of the profits shall be appropriated except with the approval of the annual general meeting and in conformity with the Act, rules and bye-laws.
