i) 25% shall be carried to the Reserve Fund.
ii) The remainder may with the previous approval of the Registrar be allocated as under:- a) For the creation of any other fund in accordance with the provisions of the Act & the Rules.
iii) Any surplus may be carried over to the next year or credited to the Reserve Fund.
Amendment of bye laws
18. Subject to the previsions for the Act & the rules, no amendment to these bye-laws shall be carried out save in accordance with the resolution passed in a general body meeting of which due notice of the intention to discuss the amendment has been given.
19. That no such resolution shall be valid unless it is passed by a majority of members present at the general meeting at which not less than two third of the members for the time being of the society are present.
20. That no amendment to the constitution of the Governing board shall ever be carried out. That model bye-laws or amendments previously approved by the Registrar may be adopted by a simple majority at a general meeting with an ordinary quorum.
Miscellaneous
21. All disputes relating to the affairs of the PICT shall be disposed of in the manner provided under section 55 of the Punjab Cooperative Societies Act and the Rules framed there under.
22. In the conduct of the affairs of the PICT the Governing Board and the officers & employees of the PICT shall exercise prudence and diligence of an ordinary man and shall be responsible for any loss caused to the PICT.