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Co-Operative Societies Act, 1912 33. Funds not to be divided by way of profit No part of the funds of a registered society shall be divided by way of bonus or dividend or otherwise among its members : Provided that after at least one-fourth of the net profits in any year have been carried to a reserve fund, payments from the remainder of such profits and from any profits of past years available for distribution may be made among the members to such extent and under such conditions as may be prescribed by the rules or by-laws Provided also that in the case of a society with unlimited liability no distribution of. profits shall be made without the general or special order of the 4[State Government] in this behalf.    |
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