(1) Save as may be prescribed, ;no distribution of profit shall be made in the case of a registered society with "unlimited liability and no part of the net profit or of a fund of any society shall be divided by way of dividend, bonus, patronage dividend, rebate or otherwise iamong its members.
(2) No dividend, bonus, patronage dividend, or rebate shall be paid—
(a) otherwise than out of net profits certified by the audit officer to have been actually realised ; provided that advance patronage dividend may be paid ■in accordance with the directions of the Registrar and on the certificate of an internal auditor approved by the Registrar; or
(b) without the previous sanction of the Registrar, if the audit officer reports that any asset is bad or doubtful and also recommends that such sanction is necessary.
Notwithstanding anything contained in this section payments may be . members as a fixed interest on share capital, if so provided in the bye-
(3) made to /laws.
CHAPTER VIII Audit Registrar is responsible for audit.-—(1) The Registrar shall audit or be audited by some person authorized by him by general or special order F 55.
cause to in writing in this behalf the accounts of every registered society and society under liquidation once at least in every year.
(2) The Registrar or the person authorized by him in this behalf shall al all reasonable times have free access to the books, accounts, documents, securities, cash and other properties belonging to or in the custody of the society and may summon any person in possession or responsible for the custody of any such books, accounts, documents, securities, cash or other properties to produce the same and-furnish such information in regard to the transactions and working - of the society at any convenient place or at the headquarters of the society or any branch thereof by the same means and, so far as may be, in the same manner as provided in the Code of Civil Procedure, 1908 (V of 1908).
(3) In respect of every audit of the accounts, a registered society shall pay such audit fee as may be prescribed and such fee shall be deemed to be out- • standing dues from the society.