Contribution to educational fund of the State Federal society

(1) Every society which declares a dividend to its members at a rate of 4 percent or more shall contribute towards the educational fund of the Territory level federal society which may be notified in this behalf by the Government in such rate as may be prescribed. (2) No society liable to contribute towards the educational funds shall pay a dividend to its members, unless said contribution is made to the federal society notified as aforesaid. An officer willfully failing to comply with the requirement of this section shall be personally liable for making good the amount to the federal society notified as aforesaid.