XIII. APPROPRIATION OF PROFIT
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149
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(a)
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After providing for the
interest upon any loans and deposits and after making such other deductions
as required under Section 65(1) and 66 of the MCS Act 1960 and Rule 49A of
MC5 Rules 1961 Twenty five percent of the net profit of all the business
carried on by or on account of the society shall be placed at the credit of
the Reserve Fund of the society.
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(b)
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The remaining 75 percent of
the net profit of the society shall be utilised as provided under Rule
50,51,52,53.
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(i)
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To pay dividend not exceeding * 15 percent per annum, upon the
paid up share capital at such rate as the committee may recommend and the
annual general body meeting may approve. The dividend on shares shall be paid
to the registered holders of such shares according to the books of the
society as on the last day of the preceding co-operative year.
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(ii)
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To pay honorarium to
office-bearers of the society not exceeding 15 percent of the net profit to
reward them for the sacrifice of their valuable time for the working of the
society. However, the office bearer may take such amount of annual limit 15%
or Rs.2000/-, whichever is less.
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(iii)
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To allocate to a common welfare fund, such part of the profit
as the annual meeting of the general body may determine to be utilised in
furtherance of the objects specified in the bye-law No. 5(d).
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(iv)
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The balance, if any shall be carried forward or dealt within
such manner as the annual meeting of the general body on the recommendations
of the Committee, may determine.
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XIV. WRITING OFF OF OUTSTANDING FUND IRRECOVERABLE
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150
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Subject to the bye-law No. 151, the society may write off any
loan and interest thereon. Society's charges due from the members, the
expenses incurred on recovery thereof and the accumulated losses which are
certified as irrecoverable by the Statutory Auditor.
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151
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The amounts mentioned in the bye-law no. 150 shall not be
written off unless:
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(i)
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the meeting of the general body of the society has given due
sanction for writing off the amounts.
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(ii)
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the approval of the financial
agency to the writing on the amount if the society is indebted to it, is
obtained.
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(iii)
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the approval of
the-Registering Authority is obtained. Provided that, if the society is
affiliated to the District Central Co-operative Bank or any other financing
agency but is not indebted to it, the permission of the Bank or the financing
agency is not necessary.
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Provided further that, if the
society is classified as A or B at the last Audit, no such permission of the
Bank or the financing agency or the Registering Authority is necessary, if
there is sufficient balance in the bad debt fund, specially created for the
purpose to cover the amount proposed to be written off as per Section 67 as
amended in 1994.
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