Amendment status not verified — confirm the current text below against the official source.
(1) A society earning profit, shall calculate its annual net profits by deducting form the gross profits for the year, all accrued interest which is overdue for more than six months, establishment charges, contributions, if any, towards the provident fund and gratuity fund of its employees, interest payable on loan and deposits, audit fees, working expenses including repairs, rents, taxes and depreciation, and after providing for or writing off bad debts and losses not adjusted any fund created out of profits, A society may, however, add to the not profits for the year, interest accrued in the preceding years, but Provisions of this Chapter to override other laws. Fund not to be divided. Appropriation of profits. 1962: Guj. X] Gujarat Co-operative Societies Act, 1961 actually recovered during the year. The net profits thus arrived at, together with the amount of profits brought forwarded from the previous year shall be available for appropriation. (2) A society may appropriate its profits to its reserve fund or any other fund created by it to payment of dividends to members on their shares, to contribution to the educational fund of such federal co- operative society as the State Government may by notification in the Official Gazette specify as “the Gujarat State Co-operative Union” to the payment of rebate on the basis of support received from members and persons who are not members to its business and subject to the prescribed conditions to payment of honoraria, and to any other purpose which may be specified in the rules or bye-laws : Provided that, no part of the profits shall be appropriated except with the approval of the annual general meetings and in conformity with the Act, rules and bye- laws.