(1) Every society which declares a dividend to its members at a rate of 4 percent or more shall contribute towards the educational fund of the Territory level federal society which may be notified in this behalf by the Government in such rate as may be prescribed.
(2) No society liable to contribute towards the educational funds shall pay a dividend to its members, unless said contribution is made to the federal society notified as aforesaid. An officer willfully failing to comply with the requirement of this section shall be personally liable for making good the amount to the federal society notified as aforesaid.
70. After, providing for the reserve fund as provided in section 67 and for the educational fund as provided in section 69, a society may set aside a sum not exceeding twenty percent of its net profits and utilize, with the approval of such federal society as may be notified by the Government in this behalf from time to time the whole or part of such sum in contributing to any co-operative purpose or to any charitable purpose within the meaning of section 2 of the Charitable Endowments Act, 1890, or to any other public purpose.
71. A society shall invest or deposit its funds in one or more of the following :-
(a) In theArunachal Pradesh State Co-operative Apex Bank Limited.
(b) In any of the securities specified in section 20 of the Indian Trusts Act, 1881;
(c) In the shares or security bonds or debentures issue by any other society with limited liability ;
(d) In any banking company approved for this purpose by the Registrar, and on such conditions as the Registrar may from time to time impose ;
(e) In any other mode permitted by the rules, or by general or special order of the Government.