61. Distribution of net profits.

{
    "act_title": "The Assam Co-operative Societies Rules, 1953",
    "act_slug": "the-assam-co-operative-societies-rules-1953-1953",
    "section_label": "Section",
    "section": {
        "number": "61",
        "title": "61. Distribution of net profits.",
        "chapter": null,
        "content": "(a) Payment of dividend on shares. - No co-operative society shall pay its share-holders in any year a dividend exceeding twelve and a half per cent on the paid up shares unless otherwise permitted by the Registrar in writing :\n(b) No dividend shall be paid by any co-operative society with shares and unlimited liability without the previous sanction of the Registrar and that the rate of such dividend shall not exceed 6¼ per cent per annum on the paid up share.\n(c) No co-operative society shall declare a dividend at a rate exceeding that recommended by its administrative council or managing body;\n(d) Dividend Equalisation Fund. - A society may credit in any year a sum out of the dividend allotted under (a) above not exceeding 3 per cent on the paid up share capital to a fund called the \"Dividend Equalisation Fund\" till the total amount in such fund accumulates to 9 per cent of the paid-up share capital :",
        "footnote": "",
        "is_definition": false,
        "sort_order": 63
    },
    "prev_section": "60",
    "next_section": "62"
}