(1) The surplus, if any, out of the business of a self-supporting co-operative society transacted during a financial year, may be used for any of the following purposes, namely :—
(a) to deposit in a deficit cover fund, a business risk fund or any other fund created by a self-supporting co-o perative society under its bye-laws for the benefit and developm ent of such society :
Provided that not less than twenty-five per c ent of the net surplus of a self-supporting co-ope rative society in a financial year, shall be deposited in such funds ;
(b) to distribute as a surplus refund a mong its members ;
(¢) todevelop the business of the self-sup porting co-operative society ;
(d) to provide services to the membe rs of a co-operative societies ; and self-supporting
(e) to write off bad debts and losses o f the self-supporting cooperative society.
Mobilization of funds from members Raising of funds from external sources Use of funds Use of surplus Management of deficit Investment of funds Restriction on contribution.
PUNJAB GOV GAZ. (EX FRA), NOV. 8. 2010 (KRTK 17. 1932 SAKA)
(2) A detailed report showing the purposes for which the surplus funds have been used under sub-section ¢/,. shall be placed before the annual general meeting of the general body of a self-supporting co-operative society.
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