Section 56(1) in Kerala Cooperative Societies Act, 1969
(1)A society shall, out of its net profits in any year,-(a)transfer an amount not being less than fifteen per cent of the net profits to the reserve fund; and(b)credit such portion of the net profits, not exceeding five per cent, as may be prescribed, to the Co-operative Education Fund referred to in clause (xix) of sub-section (2) of section 109.(c)[ ten per cent of the net profit to the Co-operative Member Relief Fund as may be prescribed.] [Inserted by Kerala Act No. 8 of 2013.]
