Section 71(2) in Himachal Pradesh Co-Operative Societies Rules, 1971
(2)No dividend or loans shall be paid :-(a)otherwise than out of profits certified by the auditor to have been actually realised in accordance with subsection (1) of section 56, or(b)without the previous sanction of the Registrar, if the auditor reports that any asset is bad or doubtful and also recommends that such sanction is necessary:Provided that the auditor shall not so recommend if such an asset is adequately covered.
