Section 46:
Funds not to be divided by way of profit.
No part of the funds of a co-operative society shall
be divided by way of bonus or dividend or otherwise among its members:
Provided that after at least one-fourth of the net profits in any year has been carried to the reserve
fund, payments from the remainder of such profits and from any profits of past years available for
distribution may be made to the members to such extent and under such conditions as may be prescribed
by the rules or bye-laws.