Section 123 in West Bengal Co-operative Societies Rules, 2011
123. Declaration of Dividend, Bonus, Rebate, etc.
(1) In every co-operative society with shares, dividend may be declared up to a maximum of 12 per cent per annum, on the amount paid up on shares as laid down in clause (a) of sub-section (1) of section 86 :Provided that a Primary Agricultural Credit Co-operative Society or a Co-operative Agriculture and Rural Development Bank may pay dividend in accordance with the guidelines framed by the Registrar in consultation with the National Bank as provided under sub-section (8) of section 134C.(2)In any co-operative society dealing in goods, rebate may be allowed on the total amount of payments made by a member during a co-operative year towards his purchase of goods from the society during that year.(b)In case of credit societies, rebate on interest may be allowed to members making timely repayment.(3)No dividend shall be paid in any co-operative society unless recommended by the Board and approved by the general meeting and no bonus or rebate shall be allowed without approval of the Board in a meeting.(4)A co-operative society incurring loss or having accumulated loss on its account shall not without prior approval of the Registrar, make any ex-gratia payment or payment of bonus at a rate more than the minimum prescribed under the Payment of Bonus Act, 1965 (21 of 1965).
