Section 95 in Tamil Nadu Co-operative Societies Rules, 1988
95. Manner of crediting dividend in excess of fourteen per cent.
- Where the Government have permitted any society and the society has declared dividend at a rate exceeding fourteen per cent per annum in the paid-up value of each share, the amount of dividend in excess of fourteen per cent shall be credited to the share account of the members in the following manner, namely:-(i)The amount equal to the value of one or more shares shall be credited to the share account of the member and the remainder which is less than the value of one share shall be kept in suspense account of the member.(ii)The amount so kept in suspense account of a member shall be credited to share account as and when with any other amounts due to such member or with any amount remitted by him the amount equals to or exceeds the value of a share; and(iii)No interest or dividend shall be paid on the amount kept in suspense account of a member, but not credited to share account.
