Committed for Timely Service!

Saturday 14 September 2019

Appropriation of profit in society Bye - Law 148

a) After providing for the interest upon any loans and deposits and after making such other deductions as required under Section 65(1) and 66 of the MCS Act 1960 and Rule 49A of MCS Rules 1961, twenty five percent (25%) of the net profit of all the business carried on by or on account of the Society, shall be placed at the credit of the Reserve Fund of the Society.

b) The remaining seventy five percent (75%) of the net profit of the Society shall be utilized as provided under Rule 50, 51, 52, 53 of MCS Rule 1961.

     i. To pay dividend not exceeding 15 percent per annul, upon the paid up share capital at such rate as the Committee may recommend and the Annual General Body Meeting may approve. The dividend on shares shall be paid to the registered holders of such shares according to the books of the Society as on the last day of the preceding co-operative year.

    ii. To pay honorarium to office-bearers of the Society not exceeding fifteen percent (15%) of the net surplus to reward them for the sacrifice of their valuable time for the working of the Society or as decided by the General Body Meeting

    iii. To allocate to a Common Welfare Fund, such part of the profit as the Annual Meeting of the General Body may determine, to be utilized in furtherance of the objects specified in the Bye-law No. 5(d).

   iv. The balance, if any, shall be carried forward or dealt with in such manner as the Annual General Body Meeting, on the recommendations of the Committee, may determine.


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