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Section 41: Funds not to be divided by way of profit

The Punjab Co-Operative Societies Act, 1961Union territory Act of Chandigarh · Act 25 of 1961

No part of the funds of co-operative society shall be divided by way of bonus or dividend or other-wise among its members;

Provided that after at least one-tenth of the net profits in any year have been carried to the reserve fund, payments from the remainder of such profits and from any profits of past years available for distribution may be made among the members to such extent and under such conditions as may be prescribed by the rules or bye-laws.

SECTION - 42

Where this provision sits

ActThe Punjab Co-Operative Societies Act, 1961
Section41
Marginal noteFunds not to be divided by way of profit
JurisdictionUnion territory of Chandigarh
StatusIn force as published by the source

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