Funds not to be divided by way of profit

No part of the funds of co-operative society shall be divided by way of bonus or dividend or other-wise among its members; Provided that after at least one-tenth of the net profits in any year have been carried to the reserve fund, payments from the remainder of such profits and from any profits of past years available for distribution may be made among the members to such extent and under such conditions as may be prescribed by the rules or bye-laws.