(a) otherwise than out of net profits certified by the audit officer or have been actually realised; provided that the advance patronage dividend may be paid in accordance with the directions of the Registrar and on the certificate of an internal auditor approved by the Registrar; or
(b) without the previous sanction of the Registrar, if the audit officer reports that any asset is bad or doubtful and also recommends that such sanction is necessary.
Chapter VIII
Audit
Section 54 • The Assam Co-operative Societies Act, 1949
54. Restriction on distribution of profit.
the-assam-co-operative-societies-act-1949-sec-54.json
•
Section 54
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"title": "54. Restriction on distribution of profit.",
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"content": "(a) otherwise than out of net profits certified by the audit officer or have been actually realised; provided that the advance patronage dividend may be paid in accordance with the directions of the Registrar and on the certificate of an internal auditor approved by the Registrar; or\n(b) without the previous sanction of the Registrar, if the audit officer reports that any asset is bad or doubtful and also recommends that such sanction is necessary.\nChapter VIII\nAudit",
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