Section 65 in The Maharashtra Co-Operative Societies Act, 1960
65. [Ascertainment and appropriation of profits.] [This marginal note was substituted by Maharashtra 20 of 1986, Section 22(b).]
- [(1) A society shall construct its relevant annual financial statements and arrive at its consequent net profit or loss in the manner prescribed.] [Sub-section (1) was substituted by Maharashtra 20 of 1986, Section 22(a).](2)A society may appropriate [its net profits] [These words were substituted for the words 'Its profits' by Maharashtra 33 of 1963, Section 13(b).] to the reserve fund or any other fund to payment of dividends to members on their shares [* * * *] [The portion beginning with the words 'to the contribution' and ending with the words 'by the State Government' was deleted by Maharashtra 27 of 1969, Section 10(b).] to the payment of bonus on the basis of support received from members and persons who are not members to its business, to payment of honoraria and towards any other purpose which may be specified in the rules or bye-laws:Provided that no part of the profits shall be appropriated except with the approval of the annual general meeting and in conformity with the Act, rules and bye-laws.
