Malaysia legislation
Section 34
Section 34
Subject to the provisions of the rules in respect of Labourers' Co-operative Credit Societies, at least one-fourth of the net profits of every registered society, as ascertained by the audit prescribed by section 35 of this Ordinance, shall be carried to a fund to be called the reserve fund, which shall be employed as prescribed by the rules. The remainder of such profits and any profits of past years available for distribution may be divided among the members by way of dividend or bonus, or by way of honoraria to office bearers of the society, or allocated to any funds constituted by the society to such extent or under such conditions as may be prescribed by the rules or by-laws:
( ORDINANCE, 1949 of 1949) ARD SUPPLIES) RULES, 1949 conferred upon it by sub-section Ordinance 1940
Provided that in the case of a society with unlimited liability, no distribution of profits shall be made without the general or special order of the Chief Secretary.