Amendment status not verified — confirm the current text below against the official source.
Any co-operative society may, with the prior approval of the general body, after one-fourths 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 2 of the Charitable Endowments Act, 1890 (6 of 1890). Contribution to Co-operative Education Fund.