Clause 42
Amendment of section 72
of Co-operative Societies (Amendment) Bill
BillNot in forceProvision 42 of 67
Clause 42
Section 72 of the principal Act is amended by deleting subsection (2) and substituting the following subsection:“(2) A society must not pay a dividend on paid‑up share capital or subscription capital exceeding —
(a)
in any case where that society is a credit society that does not meet any prudential requirement contained in written directions issued by the Registrar — a maximum rate specified in written directions issued by the Registrar to that society; or
(b)
in any other case — a maximum rate prescribed in the Rules.”.