Amendment status not verified — confirm the current text below against the official source.
After providing for the reserve as provided in section 67 and 16a[for the bad debt reserve fund as provided in section 67A and] for the educational fund as provided in section 69, a society may set said a sum not exceeding twenty per cent. of its net profits, and utilize from time to time, with the approval— (a) of the Gujarat State Co-operative Union, if the society operates in more than one district, and (b) of the District Co-operative Board, in any other case, the whole or part of such sum in contributing to any prescribed co-operative purpose, or to any charitable purpose within the meaning of section 2 of the Charitable Endowments Act, 1890, or to any other public purpose. 16b[Provided that the provisions of this section shall not apply to the societies in the co-operative credit structure.]