50. Appropriation of profits
(1) The other purposes for which a society may appropriate its profits shall be education and enlightenment of the members of the society as also any co-operative or charitable purpose including relief to the poor, education, medical relief and advancement of any other general public utility, provided that the expenditure on such items does not exceed 10 per cent of the net profits.
1[(2) The net profits calculated in accordance with the provisions of rule shall be appropriated for the creation of —
(a) Development Fund.
(b) Dividend Equalisation Fund, or
(c) any other fund created under by-laws.]