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Co-Operative Societies Act 2008


120. Development Fund

1.     Every society shall establish and maintain a Development Fund.

2.     Every registered society that realizes a surplus from its operations as ascertained by the annual audit shall make such annual contribution as may be determined by the National League or National Council not exceeding ten percent of that surplus to such fund to be used for the development of registered societies.

3.     Subject to subsection (4), the Development Fund shall be administered by the National League or National Council in such manner as may be prescribed.

4.     Where a National League or National Council has not been established or is not functioning as such, the Development Fund shall be administered by such person or body of persons as the Register determines.

5.     The Development Fund shall be administered by the National League in such a manner as may be prescribed.



Co-Operative Societies Act 2008 Back




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