s 34
(1) Subject to the provisions of the rules in respect of Labourers' Co-operative Credit Societles, at least one-fourth of the net protits of every registered society, as ascertained by the audit prescribed by section 35 of this Ordinance, shall be carried to a fund to be called the reserve fund, which shall be employed as prescribed by the rules. The remainder Repealed abd subs by A17/66 (1-4-66). of such profits and any prolits of past years avallable for distribution may be divided among the members by way of dividend or bonus, or by way of honoraria to office bearers of the society, or allocated to any funds constituted by the sociely to such extent or under such conditions as may be prescribed by the rules or by-laws : Mhistert Natixakkime Provided that in the case of alsociety with unlimited liability, no distribution of profits shall without' the general or special order of the Chio/mmdafoe Seeretary. (2) Any registered society may, with the sanction L nytis/s of the Registrar, after one-fourth of the net profits in any year has been carried to a reserve fund, contribute an amount not exceeding ten per centum of the remaining net protts to any charitable purpose or to a common-good fund. ACCOUNTS, AUDII, INSPECTION AND INQUIRX: CSL. A7-334/76)