State Act

The Maharashtra Co-operative Societies Act, 1960

65. 3[Ascertainment and appropriation of profits.]— 4[(1) A society shall construct its relevant annual financial statements and arrive at its consequent net profit or loss in the manner prescribed.] (2) A society may appropriate 5[its net profits] to the reserve fund or any other fund, to payment of dividends to members on their shares, 6[* * * * * * *] to the payment of bonus on the basis of support received from members and persons who are not members to its business, to payment of honoraria, and towards any other purpose which may be specified in the rules or by-laws: Provided that, no part of the profits shall be appropriated except with the approval of the annual general meeting and in conformity with the Act, rules and by-laws. 7[Provided further that, the profits of the society shall be appropriated with the approval of the Committee in the financial year 2020-2021 8[and year 2021-2022] and the same shall be laid in the annual general body meeting of a society held thereafter for ratification.]