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,-

(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.
(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:-

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