Section 74 in Himachal Pradesh Co-Operative Societies Rules, 1971
74. Provident Fund.
(1)Subject to the provisions of any law for the time being in force on the subject, a society may establish a Provident Fund for its employees and after there has been carried to the Reserve Fund and Co-operative Education Fund, the necessary proportion of the net profits in any year may make such contribution not exceeding ten per cent of the remaining net profits.(2)Such Provident Fund shall not be used in the business of the society but shall be invested or deposited in one or more of the ways specified in sub-section (4) of section 53 read with rule 68.(3)The amount of contribution that can be made by an employee in any month shall not exceed such sum as may be fixed by the general meeting, subject to a maximum of 10 per cent of his monthly salary.(4)The society may make such contribution every year to the Provident Fund of the employees as may be approved by the general meeting and the Registrar, but such contribution shall not exceed the annual contributions made by the employee concerned.(5)The interest accrued on the investment of the Provident Fund of the employees shall be credited to the account of individual employee concerned, in proportion to the balance standing to the credit of each account at the close of the preceding year.(6)The fund shall be administered under the rules duly approved by the Registrar.
