Section 67 of MCS ACT 1960 : Restrictions on dividend
67.Restrictions on dividend No society shall pay dividend to its members at a rate exceeding per cent. except with the prior sanction of the...
Tuesday, 11 October 2022
Section 66 of MCS ACT 1960 : Reserve Fund
66.Reserve Fund (1) Every society which does, or can, derive a profit from its transactions, shall maintain a reserve fund. (2) Every societ...
Section 65 of MCS ACT 1960 : Ascertainment and appropriation of profits
65.Ascertainment and appropriation of profits (1)A society shall construct its relevant annual financial statements and arrive at its conse...
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...
Friday, 7 October 2022
Section 63 of MCS ACT 1960 : Provisions of this Chapter to override other laws
63.Provisions of this Chapter to override other laws The provisions of sections 51 to 61 (both inclusive) in this Chapter shall have effect...
Section 62 of MCS ACT 1960 : Other forms of State aid to societies
62.Other forms of State aid to societies Notwithstanding anything contained in any law for the time being in force, but subject to such cond...
Section 61 of MCS ACT 1960 : Agreement by State Government and Apex societies
61.Agreement by State Government and Apex societies Subject to the foregoing provisions of this Chapter— (a) the State Government ma...
Section 60 of MCS ACT 1960 : Principal or Subsidiary State Partnership Fund not to form part of assets
60.Principal or Subsidiary State Partnership Fund not to form part of assets Any amount to the credit of a Principal State Partnership Fund ...
Section 59 of MCS ACT 1960 : Disposal of Principal or Subsidiary State Partnership Fund on winding up of Apex or Central society
59.Disposal of Principal or Subsidiary State Partnership Fund on winding up of Apex or Central society (1) If an Apex society which has est...
Section 58 of MCS ACT 1960 : Disposal of share capital and dividend, etc.
58.Disposal of share capital and dividend, etc. (1) All moneys received by an Apex society in respect of shares of other societies purchase...
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