Section 11 in Multi-State Co-Operative Societies (Privileges, Properties and Funds, Accounts, Audit, Winding Up and Execution of Decrees, Orders and Decisions) Rules, 1985
11. Contributory Provident Fund.
(1)Every multi-State co-operative society which has in its service 5 or more regular employees shall establish a Contributory Provident Fund referred to in sub-section (1) of section 66-.(2)The multi-State co-operative society creating such a fund shall provide for the following in its bye-laws :-(a)Authority to administer the fund.(b)Amount of contribution to be deducted from the employee's salary.(c)Mode of nomination for payment of the amount of the contributory provident fund in case of employee's death.(d)Purpose for which, the extent to which, and the period after which, advances may be made against the security of such fund and the number of monthly instalments in which advance is to be repaid.(e)Refund of employee's contribution and contribution made by the society.(f)Maintenance of accounts of such fund.(3)The amount of contribution that can be deducted from the salary of an employee of the multi-State co-operative society shall not be less than 8.33 per centum of his basic salary.(4)The multi-State co-operative society may make such contribution every year to the employees' contributory provident fund as may be approved by the board. Such contribution shall not exceed 8.33 per centum of the basic salary of the employee.
