Section 56 • The Assam Co-operative Societies Rules, 1953
56. Reserve Fund and its subject.
(ii) With the previous sanction of the Registrar, a co-operative society with shares and with limited liability may meet the loss of any year partly or wholly from the reserve fund ; provided that no dividend or shares, bonus, patronage dividend or rebate is paid during the year out of the profit. Not less than fifty per cent of the reserve fund shall be separately invested every year not to be utilised in the ordinary working of the society subject to Rule 58.
{
"act_title": "The Assam Co-operative Societies Rules, 1953",
"act_slug": "the-assam-co-operative-societies-rules-1953-1953",
"section_label": "Section",
"section": {
"number": "56",
"title": "56. Reserve Fund and its subject.",
"chapter": null,
"content": "(ii) With the previous sanction of the Registrar, a co-operative society with shares and with limited liability may meet the loss of any year partly or wholly from the reserve fund ; provided that no dividend or shares, bonus, patronage dividend or rebate is paid during the year out of the profit. Not less than fifty per cent of the reserve fund shall be separately invested every year not to be utilised in the ordinary working of the society subject to Rule 58.",
"footnote": "",
"is_definition": false,
"sort_order": 58
},
"prev_section": "55",
"next_section": "57"
}
