Section 56(2) in Kerala Cooperative Societies Act, 1969
(2)The balance of the net profits may be utilized for all or any of the following purposes, namely:-(a)payment of dividends to members on their paid-up share capital at such rate not exceeding [twenty five] [Substituted 'twenty' by Kerala Act No. 7 of 2010.] per cent as may be prescribed;(b)payment of bonus to members on the amount or volume of business done by them with the society, to the extent and the manner specified in the bye-laws;(c)[ seven percent of the net profit to Agricultural Credit Stabilization Fund; [Substituted by Kerala Act No. 7 of 2010.](cc), five percent of the net profit to the professional education fund maintained by the Registrar;](d)donations of amounts not exceeding ten per cent of the net profits for any charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890 (Central Act 6 of 1890) ; and(e)[ balance of net profit may be utilised for any or all of the purposes specified in the bye-laws of the societies except for payment of bonus to employees.] [Substituted by Kerala Act No. 7 of 2010.]
