Section 70 in The Gujarat Co-Operative Societies Act, 1961
70. Contribution to public purpose.
- After providing for the reserve fund as provided in Section 67 and [for the bad debt reserve fund as provided in Section 67-A and] [Inserted by Gujarat 1 of 2008, Section 13(i) (w.e.f. 8.10.2007).] for the educational fund as provided in Section 69, a society may set aside a sum not exceeding twenty per cent of it net profits, and utilise from time to time, with the approval-(a)of the Gujarat State Co-operative Union, if the society operates in more than one district, and(b)of the District Co-operative Board, in any other case, the whole or part of such sum in contributing to any prescribed co-operative purpose, or to any charitable purpose within the meaning of Section 2 of the Charitable Endowments Act, 1890 (VI of 1890), or to any other public purpose.[Provided that the provisions of this section shall not apply to the societies in the cooperative credit structure.] [Added by Gujarat 1 of 2008, Section 13(ii) (w.e.f. 8.10.2007).]
