Funds not to be divided among members.

(1) No part of the funds of a registered society, except net profits as declared by the Registrar for the purposes of this Act, shall be divided by way of bonus or dividend or otherwise among its members: Provided that payment may be made to a member for work done by him as Secretary or as clerk on such scale as may be prescribed by the by-laws. (2) Save as provided in sub-section (1), no payment shall be made out of the funds of a registered society to the President or to any officer of the society by way of honorarium for any service rendered by him to the society.