Amendment status not verified — confirm the current text below against the official source.
(1) Every co-operative society shall maintain a reserve fund Reserve and a bad debt fund out of the net profits, if any, derivable from its fund, agricultural transactions. credit stabilisation (2) Of the net profits of a co-operative society in each year, there fund, inventory shall be carried to the reserve fund and the bad debt fund not less than toss fund, fifteen and ten per centum respectively or such higher proportions as may provi dent fund, and be prescribed for such society or class of societies. co-operative development (3) A central co-operative bank and a consumers' co-operative society fund. shall, in addition to the two funds referred to in sub-section (1), maintain out of the net profits, if any, an agricultural credit stabilisation fund and an inventory loss fund respectively; and the proportions of the net profits to be carried to such funds shall not be less than ten per centum. (4) Save to the extent that, and in such manner as, may be prescribed, no part of the funds mentioned in sub-section (1) and sub-section (3) shall be used in the business of a co-operative society. (5) Subject to the rules, any portion of the funds mentioned in sub- section (1) and sub-section (3) not used in the business of the society shall be invested or deposited— (a) in the Government Savings Bank; or (b) in any of the securities specified in section 20 of the Indian 2 of 1882. Trusts Act, 1882, other than those specified in clause (e) of that section; or (c) in a co-operative bank approved by the Registrar or in any other prescribed bank. (6) (a) Every co-operative society may establish a provident fund for its whole-time employees, if any, from the contributions of such employees, and may make such contribution to the provident fund, as may be provided for in the rules or by-laws. (b) Such provident fund shall not be used in the business of the society, but shall be invested or deposited in one or more of the ways specified in sub-section (5). (7) (a) There shall be established a fund, to be called the co-operative development fund, with the contributions made by the co- operative societies under clause (a) of section 58 of this Act. (b) Such fund shall be administered by such authority and in such manner, and be utilised for such purposes, as may be prescribed. 193 The West Bengal Co-operative Societies Act, 1973. [West Ben. Act (Chapter 111—Property and funds of co-operative societies.— Sections 57, 58.) Distribution of profits. Contribution to charitable purposes.