Amendment status not verified — confirm the current text below against the official source.
(1) Every society Which does, or can, derive a profit from its transactions, shall maintain a reserve fund. (2) In the case of a Resource or Producer’s society at least one-fifth of the net profit of the Society each year, and in the case of - any other society at least one-tenth of the net profits of the society each year, shall be carried to the Reserve Fund; and such reserve fund 3 shall not be used in the business of the society or may, subject to the provisions of section 70, be invested, as the State Government may by general or special order direct, or may, With the previous sanction ‘ of the Registrar, be used in part for some public purpose likely to promote the objects of this Act, or some such purpose of the State, or of local interest.