Funds not to be divided by way of profit

No part of the funds of a society shall be divided by way of bonus or dividend or otherwise among its members: Provided that after at least one-fourth of the net profit in the year has been transferred to the reserve fund, payments from the fund of such profits and from any profits of past years, if any, available may be made to the members by way of dividend or bonus to such extent and subject to such conditions as may be prescribed by the rules or bye-laws.