Statutory Reserve Fund Contribution

148. (a) The Society shall transfer not less than 25% of its net profit in any year to the Statutory Reserve Fund, in accordance with Sections 65(1) and 66 of the Maharashtra Co-operative Societies Act, 1960. (b) The remaining 75% of the net profit may be distributed in accordance with Rules 50 to 53 of the Maharashtra Co-operative Societies Rules, 1961, as follows: (i) Dividend on paid-up share capital at a rate not exceeding 15%; (ii) Honorarium to Committee members at a rate not exceeding 15% of net profit; (iii) Contribution to welfare fund; (iv) Any balance to be carried forward to the next year.