Section 64 in The Assam State Co-operative Agriculture and Rural Development Bank Limited
64. Distribution of profit.
- The net profit of the Bank shall be distributed as shown below-(i)Not less than 25% of the net profit in each year shall be carried to the Reserve fund ;(ii)Not exceeding 6 ¼% of the net profit shall be carried to the Co-operative Development fund ;(iii)Out of the remaining net profit a dividend not exceeding 12 ½% of the paid up value of each share may be distributed ;(iv)A common good fund not exceeding 7 ½ of the remaining net profit devoted to the Charitable purposes including medical relief of the employees of the Bank, contribution of the Assam State Co-operative Union for Co-operative Education and propaganda ;(v)Not exceeding 5% of the remaining net. profit to Bad Debt Fund ;(vi)Bonus to the employees not exceeding two months salary subject to the provision of Rule 63 of Assam Co-operative Societies Act, 1949 ;(vii)Any balance remaining may be allotted to any or all the following-(a)Building Fund ;(b)Depreciation Reserve;(c)Debenture Redemption Reserve ;(viii)Unappropriated balance, if any shall be added to the Reserve Fund.
