section 57
Fund not to be divided
The Dadra and Nagar Haveli and Daman and Diu Co-Operative Societies Regulation, 2024Corporate2024155 sections12 chapters
Chapter VI PROPERTY AND FUNDS OF SOCIETIES
Statutory text
- (1) No part of the funds or assets of a society, other than the dividend equalisation fund, if any, and the net profits thereof, shall be paid by way of rebate or dividend or otherwise distributed, to its members: Provided that in the case of a member, who is also a salaried servant of the society, payment on such scale as may be laid down by the bye-laws may be made to him for work done as such servant.
- (2) No honorarium shall be paid out of the funds and assets of a society other than the net profits and such honorarium shall not exceed the prescribed limit.
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