Amendment status not verified — confirm the current text below against the official source.
(1) Subject to the provisions of sections 63, 64 and 65 and sub- of profit. section (2) of this section, the net profit of a co-operative society in a co-operative year shall be distributed among its members by way of bonus or dividend. 350 The West Bengal Co-operative Societies Act, 1983. XLV of 1983.] (Chapter V111.—Eligibility for membership and privileges, liabilities and obligations of members.—Section 69.) (2) Subject to such conditions as may be prescribed, the balance of the net profit in a co-operative year together with the undistributed net profit, if any, of the previous year may, to such extent and under such conditions as may be prescribed, be utilised for all or any of the following purposes:— (a) payment of dividend to members on their paid up share capital at a rate not exceeding twelve per cent.; (b) contribution to such special funds as may be prescribed or as may be provided in the by-laws; (c) contribution of any amount not exceeding ten per cent. of the net profit in a co-operative year for any charitable purpose 6 of 1890. as defined in section 2 of the Charitable Endowments Act, 1890 or for such other purposes as may be prescribed. CHAPTER VIII Eligibility for membership and privileges, liabilities and obligations of members