(a)(i) At least 25% of the net profit shall be carried to Reserved fund.
(ii) To contribute 5% of the net profit after one tenth of the net profit of the year has been carried to the reserve fund to Cooperative Development Fund.
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(iii) Out of the remainder, a dividend may be paid not exceeding 20% per annum of the value of the shares actually paid-up by the members.
(iv) The balance remaining may be utilized for one or more of the following purpose:-
(i) Dividend equalisation fund ;
(ii) Common Good Fund;
(iii) Share transfer fund ;
(iv) Building Fund;
(v) Publicity propaganda fund;
(vi) Any other fund that may be considered necessary;
(vii) Distribution of Bonus to the staff at a rate not exceeding one month pay.
(v) The balance if any, shall be carried forward to the profits of the next year.
(b) The distribution of net profits shall be decided upon by the General Body on the recommendation of the Board of Directors subject to the approval of the Registrar.
48. It shall be competent for the Federation to incur expenditure on such measures as are conductive to the imparting of a knowledge of cooperative principles and practices. For this purpose the society shall contribute to the Punjab Cooperative Union. Every year such amount not exceeding Rs.10/- as may be directed by the Registrar.
49. The Reserve Fund, shall be indivisible and no member shall be entitled to claim a specific share in its provided that in exceptional circumstance, with the prior approval of the Registrar, the Reserve fund may be utilized in meeting losses.
50. Amendment to these Bye-laws shall be carried out on accordance with the provision of the Punjab Cooperative Societies Act, 1961.
51. The Federation shall pay such audit fee as may be assessed from time to time, by the authority competent to do so.
52. Should any doubt arise as to the inter-predation of any bye-laws, the matter shall be referred to the Registrar whose decision shall be final.
53. The Federation shall prepare and submit such returns and statements as the Registrar may prescribe from time to time.
54. The Board of Directors with the approval of the General meeting may frame rules of business without prejudice to any of the foregoing bye-laws of the provisions the Punjab Cooperative Societies Act,1961 and Rules made there under for the further once of the stated objects of the Federation and made additions in them from time to time.
55. The services of the members of the Managing Committee shall be honorary but they may be paid travelling and daily allowance on a scale fixed by the Committee and approved by the Registrar. No member of the Board shall be allowed to participate or vote in the proceedings of the meeting in which he has personal interest.
56. The Federation shall maintain the account books and other record connected with accounts in such from land manner as may be directed by the authority -11- competent to do so under Cooperative Societies Act in force for the time being.
57. If the society is in debited to a Cooperative Financing Institution, it shall be competent for a representative of the letter to inspect the books and record of the society and Managing Committee of the Society shall arrange the production of books and record before such representatives.
58. If any dispute other than a dispute regarding disciplinary action taken by the Federation or its Board of Directors, against a paid servant of the Federation, touching the constitution or business of the Federation arises between the members and past members of the Federation or other persons referred to in the relevant provisions of the Punjab Cooperative Societies Act,1961 and the Rules framed there under, it shall be disposed of in the manner provided in such an Act and Rules.
59. The execution of the award/decrees shall be carried out in accordance with the provisions of the Punjab Cooperative Societies Act, 1961 and the Cooperative Societies Rules, 1963 and the instructions of Registrar, Cooperative Societies in this regard.
60. The Federation may in the circumstances specified by the relevant provisions of the Punjab Cooperative Societies Act be wound up an cancelled by the Registrar in accordance with the procedure laid down by such an Act and the Rules framed there under.
61. In these bye-laws, unless there is any thing repugnant to the context, Registrar, shall included an Officer subordinate to him and authorised by him in this behalf.
Note :
Bye-laws No.28(vii) and 30(i) approved by A.R.C.S. Ropar vide letter No.oHe$;HoHo$2257-59 fwsh 15-4-98 * AmendeBye lawsNo.27(ii), 27(iv), 31, 36, 37, 38, 39, 40, 40(iv), 40(v), 40(vi), 40(xi),40(xv) ,40(B),41,43,47(ii),47(iii),47(iv),47(v) and 55 in Special General Body Meeting dated 27.2.1998 and registered by ARCS Ropar vide letter No.oLeL$;HoHo$6477-79 fwsh 30-11-98 * Bye-laws No.28(vii) amended by A.R.C.S. Ropar vide letter No.ARCS/7935-38 dated 10-11-2000 * Bye-Law No.16(1) amended vide letter No.RCS/Mkg/Insp.(F)/41- Dev/14527 dated 13.9.2001 * Bye Law No.2 amended by ARCS Ropar vide letter No.RC/ARCS/2071 dated 23.7.2003