Amendment status not verified — confirm the current text below against the official source.
Existing sub-sections (1) and (2) of section 45 renumbered as sub- sections (3) and (4) by Act No.22 of 2001. Before sub-sections (3) and (4), sub-sections (1) and (2) inserted by Act No.22 of 2001. Subsequently, sub-sections (1) and (2) substituted with marginal heading by G.O.Ms.No.53, Agriculture and Cooperation (Coop-II) Department, dated 20.05.2016. Allocation of funds/disposal of profits. 88 [Act No.7 of 1964] Provided that when the total amount so transferred becomes equal to the amount of paid-up share capital, the amount to be transferred may, with the previous permission of the Registrar, be reduced to a sum not less than ten per cent of such profits; 186[(b) [xxx]] 187[(c) credit such portion of the profits, as may be prescribed, to the bad debts reserve.] 188[(d) pay towards dividend to members on their paid up share capital, an amount not being less than ten percent of the net profit; (e) pay an amount not being less than fifteen percent of the net profit towards rebate to members on amount or volume of business done by them with the extent in the manner specified in the bye-laws.] (4) The balance of the net profits may be utilised for all or any of the following purposes, namely:— 189[(a) [xxx] (b) [xxx]] (c) constitution of or contribution to, such special funds as may be specified in the bye-laws; (d) payment of bonus to employees of the society or remuneration to a member for services rendered by him to