Section 56(2) in Himachal Pradesh Co-Operative Societies Act, 1968
(2)A society may appropriate its net profits to the reserve or any other fund, to payment of dividends to members on their shares, to the contribution to the educational fund to the society which may be notified in this behalf by the Registrar, 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, provident fund to its employees, and towards any other purpose which may be specified in the rules or bye-laws:Provided that no part of the profit shall be appropriated except with the approval of the society in its annual general meeting and in conformity with the Act, rules and bye-laws.
