Section 58(2) in The U.P. Co-operative Societies Act, 1965
(2)Subject to such conditions as may be prescribed, the balance of the net profits may be utilised for all or any of the following purposes namely -(a)payment of dividend to members on their paid-up share capital at a rate [not exceeding twenty per cent] [Substituted by U.P. Act No. 25 of 1994.];(b)payment of bonus to members on the amount of volume of business done by them with the society, to the extent and in the manner specified in the rules or the bye-laws;(c)constitution of, or contribution to, [* * *] [The words 'bad debt fund' omitted by U.P. Act No. 17 of 1994.], building fund, rural improvement fund or any other fund as may be specified in the rules or the bye-laws;(d)donation of amounts not exceeding 5 per cent for any charitable purpose as defined in Section 2 of Charitable Endowments Acts, 1890 (Act VI of 1890) ;[Provided that no amount shall be donated to any organisation established for any charitable purpose, which has an object, whether directly or in directly, to further the interest of any political party or a religious faith.] [Inserted by U.P. Act No. 25 of 1994.](e)[* * *] [Clauses (e) (f) omitted by U.P. Act No. 17 of 1994. ](f)[* * *] [Clauses (e) (f) omitted by U.P. Act No. 17 of 1994.]
