Section 85(2) in Tamil Nadu Co-operative Societies Rules, 1988
(2)(a)No expenditure on jubilee celebrations shall exceed twenty-five per cent of the average net profit earned by the society during the three years preceding the year of celebration or of the net profit as disclosed by the latest audited balance sheet, whichever is higher.(b)No expenditure on inaugural function or foundation stone laying ceremony shall exceed one per cent of the cost of the building or project in connection with which the function or ceremony is arranged.(c)The expenditure on inaugural function not connected with building or project shall not exceed one-tenth of one per cent of the working capital or of the business turnover, whichever is higher, of the society at the end of the year preceding the year of function:[Provided that no expenditure under clauses (a), (b) or (c) shall exceed,-(i)rupees twelve thousand five hundred in the case of a primary society;(ii)rupees twenty-five thousand in tire case of a central society; and(iii)[ rupees one lakh fifty thousand in the case of an apex society, unless, the prior sanction of the Registrar is obtained.]Provided further that where expenditure on unveiling of portraits is incurred during jubilee celebrations, such expenditure shall be deemed to be part of the expenditure on jubilee celebration for the purpose of the monetary limit under this sub-rule.
