Committed for Timely Service!

Tuesday 11 October 2022

Section 64 of MCS ACT 1960 : Funds not to be divided

 64.Funds not to be divided

No part of the funds, other than 2[the dividend equalisation or bonus equalisation funds as may be prescribed or] the net profits of a society, shall be paid by way of bonus or dividend, or otherwise distributed among its members :

Provided that, a member may be paid remuneration on such scale as may be laid down by the by-laws, for any services rendered by him to the society.