Amendment status not verified — confirm the current text below against the official source.
After there has been carried to the funds mentioned in section 56 the proportions of the net profits of any year required by sub-section (2) and sub-section (3) thereof, a co-operative society— (a) shall, in the manner prescribed, contribute an amount equal to five per centum of the net profits or an amount equal to one-half per centum of its gross earnings from its transactions in the year or a sum of five thousand rupees, whichever is lowest, to co-operative development fund, or for such co- operative purpose as may be prescribed, and (b) may, with the sanction of the Registrar, contribute an amount not exceeding ten per centum of the net profits, for all or any of the following purposes, namely:— (i) any charitable purpose as defined in section 2 of the 6 of 1890. Charitable Endowments Act, 1890; (ii) purposes of the National Defence Fund created by, the Central Government; and (iii) such other purpose as may be prescribed. 194 The West Bengal Co-operative Societies Act, 1973. XXXVIII of 1973.] (Chapter VII.—Eligibility for membership of co-operative societies, and privileges, liabilities and obligations of members of co-operative societies.—Section 59.) CHAPTER VII ELIGIBILITY FOR MEMBERSHIP OF CO-OPERATIVE SOCIETIES, AND PRIVILEGES, LIABILITIES AND OBLIGATIONS OF MEMBERS OF CO- OPERATIVE SOCIE I 1ES