Section 54(1) in Sikkim Co-Operative Societies Act, 1955
(1)Save as may be prescribed, no distribution of profit shall be made in the case of a registered society with unlimited liability and no part of the net profit or of a fund of any society shall be divided by way of dividend, bonus, rebate or otherwise among its, members, except with the previous approval of the Registrar and as provided in the bye-laws of the society.
