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Section 64

The Assam Co-operative Societies Act, 2007State Act of Assam · Act 4 of 2012

(1) The funds mobilized by a cooperative society shall be deployed primarily for the furtherance of its objectives.

(2) No part of the funds of a cooperative society other than the net profits shall be paid by way of bonus or dividend or otherwise distributed among its members.

(3) A cooperative society may out of its net profits in any year, pay on the paid up share capital of members a dividend at a rate fixed by the general body in the annual general meeting.

(4) Such of its funds as are not needed for use in its business, a cooperative society may invest or deposit, outside its business in any non speculative manner.

Where this provision sits

ActThe Assam Co-operative Societies Act, 2007
Section64
JurisdictionState of Assam
StatusIn force as published by the source

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