Section 42 in The Punjab Co-operative Societies Act, 1961
42. Contribution to charitable purpose.
- Any co-operative society may, with the sanction of the Registrar, after one-tenth of the net profits in any year has been carried to the reserve fund contribute an amount not exceeding five per cent of the remaining net profits to any purpose connected with the development of co-operative movement or charitable purpose as defined in Section 20 of the Charitable Endowments Act, 1890 (VI of 1890).
