Section 87(1) in Haryana Co-operative Societies Act, 1984
(1)A co-operative society may distribute profits as per audited balance sheet for any year and from the remainder of such profits of past years, among the members to such extent and under such conditions as may be prescribed by rules or bye laws :Provided that -(a)at least 10% of the profits of any year are carried each to the reserve fund and the bad and doubtful debt fund;(b)not exceeding 5% of the profits is carried to the co-operative education fund;(c)such percentage of the profits to carry to such other funds as are specified in the bye-laws or by the Registrar; and(d)[ such profits may also be utilized for such purposes and in such percentage as may be prescribed.] [Added by Haryana Act No. 19 of 2006.]
