Funds not to be divided among members

(1) No part of the funds of a society except net profits as declared by the annual general meeting in conformity with this Act. rules and bye-laws, shall be divided by way of bonus of dividend or otherwise among its members. (2) No honorarium shall be paid out of the funds and assets of the society other than net profits and such honorarium shall not exceed the prescribed limit: Provided that, a member may be paid remuneration on such scale as may be laid down by the bye-laws, for any services rendered by him to the society.