Maharashtra Co-operative Housing Society Bye Laws
XIII.APPROPRIATION OF PROFITS
After providing for the interest upon any loans and deposits and
after making such other deductions as required under Section
65(1) and 66 of the MCS Act, 1960 and Rule 49A,of MCS Rules,
1961 Twenty five percent of the net profit of all the business carried
on by or on account of the society shall be placed at the credit of the
Reserve Fund of the society.
The remaining 75% of the net profit of the society shall be utilized as
provided under Rule 50, 51, 52, 53.
To pay divided not exceeding * 15 per cent per annum, upon the
paid up share capital at such rate as the committee may
recommend and the annual general body meeting may
approve. The dividend on shares shall be paid to the registered
holders of such shares according to the books of the society as
on the last day of the preceding co-operative year.
(ii) To pay honorarium to office-bearers of the society not
exceeding 15 percent of the net profit to reward them for the
sacrifice of their valuable time for the working of the society.
However, the office bearer may take such amount of annual
limit 15% or Rs. 2000/-, whichever is less.
(iii) To allocate to a common welfare fund, such part of the profit, as
the annual meeting of the general body may determine to be
utilised in furtherance of the objects specified in the bye-law No.
(iv) The balance, if any shall be carried forward or dealt within such
manner as the annual meeting of the general body, on the
recommendations of the Committee, may determine.