Thursday, 30 August 2018

Constitution of Reserve Fund Bye Law-12

A) The Reserve Fund of the Society shall comprise of 

1. All entrance fees received by the Society from its Members; 

2.All transfer fees received by the Society from its Members on transfers of the shares, along with the occupancy rights;

3.All premium received by the Society from its Members on transfers of their interest in the capital or property of the Society;

4.The amounts carried to the said fund, from year to year, out of the net profit / surplus of that year, subject to the provisions of Section 66 (1) and (2) of the Act;

5.All donations received by the Society, except those received by it for the specific purpose.

B) The Society shall, while finalizing the accounts for the preceding cooperative year, appropriate all amounts referred to in the bye-law No. 12(a)(i) to (v) to the Reserve Fund of the Society.


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