Section 65(2) in The Manipur Co-operative Societies Act, 1976
(2)A society shall appropriate its profits to the reserve fund or any other fund of payment of dividends to members on their shares, for contribution to educational fund of the State, Co-operative Union which may be notified in this behalf by the Registrar, for payment of bonus on the basis of the support received from members and persons who are not members of its business, for payment of honoraria and towards any other purpose which may be specified in the rules or bye-laws:Provided that no part of the net profits shall be appropriated except with the approval of the annual general meeting and in conformity with the Act, rules and bye-laws.
