Section 172 in The U.P. Co-operative Societies Rules, 1968
172.
(1)Any surplus remaining after payments mentioned in Rule 171 shall be applied for contribution to National Defence Fund or to such charitable purposes or local objects of public utility as may be selected by the Committee of Management and approved by the Registrar. If within the time specified by the Registrar, the Committee of Management fails to make any selection of such object or purpose, which is approved by the Registrar, the Registrar may use the surplus fund either in contributing to National Defence Fund or to Co-operative Education Fund referred to in Rule 138.(2)In the case of a financing bank being wound up, the surplus funds shall be assigned to the Reserve Fund of any other financing bank or banks to which the societies working in the area of operation of the financing bank which is being wound up, are affiliated. In the absence of any financing bank, the amount shall be deposited in the Apex Co-operative Bank until a new financing bank is formed in such area in which case the amount shall be credited to the reserve fund of the new financing bank.
