Section 42 • THE ANDAMAN AND NICOBAR ISLANDS CO-OPERATIVE SOCIETIES REGULATION, 1973
Section 42. Contribution to charitable purpose
Any co-operative society may, with the sanction of the Registrar, after one-fourth of the net profits in any year has been carried to a reserve fund, contribute an amount not exceeding five percent of the remaining net profits to any purpose connected with the development of co-operative movement or charitable purpose as defined in section 20 of the Charitable Endowments Act, 1890.
{
"act_title": "THE ANDAMAN AND NICOBAR ISLANDS CO-OPERATIVE SOCIETIES REGULATION, 1973",
"act_slug": "the-andaman-and-nicobar-islands-co-operative-societies-regulation-1973",
"section_label": "Section",
"section": {
"number": "42",
"title": "Section 42. Contribution to charitable purpose",
"chapter": null,
"content": "Any co-operative society may, with the sanction of the Registrar, after one-fourth of the net profits in any year has been carried to a reserve fund, contribute an amount not exceeding five percent of the remaining net profits to any purpose connected with the development of co-operative movement or charitable purpose as defined in section 20 of the Charitable Endowments Act, 1890.",
"footnote": "6 of 1890",
"is_definition": false,
"sort_order": 2260
},
"prev_section": "41",
"next_section": "43"
}
