Disposal of net profits.

The net profits of any registered society as declared by the Registrar for the purposes of this Act in respect of any Co-operative Year shall be appropriated- first, for being credited to a Reserve Fund, the amount so credited being not less than twenty-five per cent of the net profits; secondly, towards contribution to the Co-operative Education Fund at such rate not exceeding two per cent of the net profits as may by prescribed; thirdly, towards contribution to such other funds and at such rates as may be prescribed; fourthly, towards payment of dividend on shares to members or transfer to the dividend fund as may be prescribed; fifthly, towards payment of bonus to members and paid employees of the registered society at such rate and subject to such conditions as may be prescribed; sixthly, towards contribution to such other funds or such purposes and at such rates as may be specified in the by-laws; seventhly, towards contribution to the common good fund at such rate not exceeding ten per cent of the net profits as may be prescribed; and eighthly, the balance, if any, of the net profits being credited to the Reserve Fund.