Reserve Fund

12. (a) The Reserve Fund of the Society shall comprise of — (i) all entrance fees received by the Society from its Members; (ii) all transfer fees received by the Society from its Members on transfer of their shares along with occupancy rights in the capital/property of the Society; (iii) all transfer premium received by the Society from its Members on transfer of their interest in the capital/property of the Society; (iv) the amounts carried to the said fund, from year to year, out of the net profit/surplus of that year, subject to the provisions of Section 66(1) and (2) of the Act; (v) all donations received by the Society, except those received by it for a specific purpose. (b) The Society shall, while finalising the accounts for the preceding co-operative year, appropriate all amounts referred to in bye-law No. 12(a)(i) to (v) above to the Reserve Fund of the Society.