Amendment status not verified — confirm the current text below against the official source.
(1) Subject to the provisions of sections 80 to 85 of this Act, the balance of the net profit in a Co-operative year together with the unidstributed net profit, if any, of the previous year may be utilised for all or any of the following purposes:— (a) payment of dividend to the members on their paid up share capital at a rate not exceeding twelve per cent. (b) contributions of any amount not exceeding ten per cent of the net profit in a Co-operative year for any charitable purpose as defined in section 2 of 6 of 1890. the Charitable Endowment Act, 1890. (2) (a) In any Co-operative society dealing in goods, rebate may be allowed in the total amount of payments made by a member during a Co-operative year towards his purchase of goods from the Co-operative society during that year. (b) In case of Co-operative credit society, rebate on interest may be allowed to members making timely repayment. (3) No dividend shall be paid— (i) otherwise than out of profit certified by the audit officer to have been actually realised; or (ii) if the audit officer reports that any asset is bad debt or doubtful debt and not adequately recovered: Provided that this sub-section shall not be applicable in respect of dividend at fixed rate payable to preferential shareholders of a bank. (4) No dividend shall be paid by any Co-operative society unless recommended by the board and approved in the general meeting and no bonus or rebate shall be allowed without approval of the board in a meeting: Provided that this sub-section shall not be applicable in respect of dividend at fixed rate payable to preferential share holders of a bank. (5) A Co-operative society incurring loss or having accumulated loss on its ac- count shall not make any ex-gratia payment or payment of bonus at a rate more than the minimum prescribed under the Payment of Bonus Act, 1965. Creation and maintenance of special funds. Distribution of profit. 21 of 1965. PART III] THE KOLKATA GAZE1 1B, EXTRAORDINARY, MAY 25, 2010 51 The West Bengal Co-operative Societies Act, 2006. (Chapter VIII.—Special provisions for housing Co-operative societies.— Sections 87, 88.) CHAPTER VIII Special provisions for housing Co-operative societies. Eligibility for membership of housing Co- operative society. Type of housing Co-operative societies to be registered.