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Section 58

The Uttarakhand Co-Operative Societies Act, 2003State Act of Uttarakhand · Act 5 of 2003

(1) the net profit of the co-operative society in a co-operative year shall be computed after deduction the following from its gross profit in that year—

(a) interest that is overdue;

(b) managerial expenses;

(c) contributions to the provident fund or the gratuity fund of the employees;

(d) interest on loans and deposits;

(e) audit fee;

(f) working expenses which include repairs, rents, taxes and depreciation of property;

(g) contribution to the fund created for writing off unadjusted bad debts and losses :

Provided that a co-operative society may add to the net profit of a year, the interest which accrued in the previous year but which was recovered in the year.

(1-A) A co-operative society shall distribute the net profit of a year as computed under sub-section (1), including the net profits brought forward from the previous years, in the following manner—

(a) an amount not less than twenty-five per cent shall be transferred to a fund called the reserved fund;

(b) not less than such amount as may be prescribed, shall be credited to a co-operative education fund to be established in the manner prescribed, and this shall be applicable to such co-operative societies also which incur loss in the year;

(c) an amount not e

Where this provision sits

ActThe Uttarakhand Co-Operative Societies Act, 2003
Section58
JurisdictionState of Uttarakhand
StatusIn force as published by the source

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