Contribution to public purposes.

Contribution to public purposes. After providing for the reserve as provided in section 67 and for the bad debt reserve fund as provided in section 67A and for the educational fund as provided in section 69, a society may set said a sum not exceeding twenty per cent. of its net profits, and utilize from time to time, with the approval— (a) of the Gujarat State Co-operative Union, if the society operates in more than one district, and (b) of the District Co-operative Board, in any other case, the whole or part of such sum in contributing to any prescribed co-operative purpose, or to any charitable purpose within the meaning of section 2 of the Charitable Endowments Act, 1890, or to any other public purpose. Provided that the provisions of this section shall not apply to the societies in the co-operative credit structure.