Exemption from certain taxes, fees and duties

If the Chief Commissioner is of opinion that it is necessary in the public interest so to do, he may, by notification in the Official Gazette: (a) remit in respect of any class of co-operative societies any fee payable under any law for the time being in force relating to the registration of documents or court-fees; (b) exempt any class of co-operative societies from payment of – (i) land revenue; (ii) taxes on agricultural income; (iii) taxes on sale or purchase of goods; or (iv) taxes on professions, trades, callings and employments, (1) in no co-operative society the dividend shall exceed ten percent per annum on paid up share capital. (2) In a co-operative society with an unlimited liability, on dividend or bonus shall be paid, until a period of five years has elapsed from the date of registration. (3) No dividend shall be paid by the co-operative society while any claim due from the co-operative society to a depositor or lender remains unsatisfied. (4) The Registrar may by general or special order direct that a co-operative society shall not pay dividend or shall pay dividend at reduced rate so long as it receives loans and deposits from non members.