Multi-State Co-Operative Societies Act, 2002
Section - 63 - Disposal of net profits
Disposal of net profits.63. (1) A multi-State co-operative society shall, out of its net profits in any year,-
(2) Subject to such conditions as may be prescribed, the balance of the net profits may be utilised for all or any of the following purposes, namely:-
| (a) | - | transfer an amount not less than twenty-five per cent. to the reserve fund; |
| [(b) | - | credit annually one per cent. of net profit to co-operative education fund to be maintained by the Central Government in such manner as may be prescribed and the proceeds from such fund shall be used for co-operative education and training through the National Co-operative Union of India and any other agency in such manner as may be determined by the Central Government;] |
| (c) | - | transfer an amount not less than ten per cent. to a reserve fund for meeting unforeseen losses. |
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