Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part VI · Property and Funds of Co-Operative Societies
56. Net profits
Feedback & supportThe audited net profits of a co-operative society for each financial year shall be determined after allowing for the operational expenses, provision for bad and doubtful debts, depreciation of assets, and diminution of investments.
co-operative society
Defined · s 2
“co-operative society” means an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise which is registered under this Act;