Contribution to public purpose

After providing for the reserve fund as provided in section 58 and for the educational fund as provided in section 60, a society “other than a Cooperative Credit Structure Society.” may set aside a sum not exceeding twenty-five per cent of its net profits, and utilize, with the approval of such federal society as may be notified by the Government in this behalf from time to time, the whole or part of such sum in contributing to any co-operative purpose, or to any charitable purpose within the meaning of section 2 of the Charitable Endowments Act, 1890 or to any other public purpose.