66. RESERVE FUND
(1) Every society which does, or can, derive a profit from its transactions, shall maintain a reserve fund.
(2) [Every society shall carry at least one-fourth of the net profits each year to the reserve fund;] and [such reserve fund may, subject to the rules made in this behalf, if any, be used] in the business of the society or may, subject to the provisions of section 70, be invested, as the State Government may by general or special order direct, or may, with the previous sanction of the State Government, be used in part' for some public purpose likely to promote the objects of this Act, or some such purpose of the State, or of local interest :
[Provided that, the Registrar may, having regard to the .financial position of any society or class of societies, fix the contribution to be made to the reserve fund under this sub-section at a lower rate, but not lower than one-tenth of the net profits of the society or societies concerned.]