Section 57 in Sikkim Co-Operative Societies Act, 1978
57. Funds not to be divided by way of profit.
- No part of the funds of a society shall be divided by way of bonus or dividend or otherwise among its members:Provided that after at least one-fourth of the net profit in the year has been transferred to the reserve fund, payments from the remainder of such profits and from any profits' of past years, if any, available may be made to the members by way of dividend or bonus to such extent and subject to such conditions as may be prescribed by the rules or bye-laws.
