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Start Free TrialKarnataka Co-operative Societies Act, 1959 Section 57
Title: Net Profits and their Disposal
State: Karnataka
Year: 1959
.....shall be payable to members in a credit society; (d) constitution of, or contributions to, such special funds as may bespecified in the bye-laws; (e) donations of amounts not exceeding ten per cent of the net profitsfor any charitable purpose as defined in section 2 of Charitable Endowments Act, 1890 (Central Act VI of 1890); and (f) payment of bonus to employees of the society, to the extent andin the manner specified in the bye-laws: Provided that the bonus payable in any year to any employee shall not exceed two months' pay. 1 [(4) A co-operative society may pay dividend to its members from out of the balance of net profits available after making deductions as provided for under sub-sections (2), (2A) and (3) and the bye-laws of the society.] ________________________ 1. Inserted by Act 40 of 1964 w.e.f. 26.6.1965 & substituted by Act 25 of 1998 w.e.f.15.8.1998. 2. Inserted by Act 40 of 1964 w.e.f. 26.6.1965 & omitted by Act 25 of 1998 w.e.f. 15.8.1998. 3. Omitted by Act 40 of 1964 w.e.f. 26.6.1965.
View Complete Act List Judgments citing this sectionMulti State Co-operative Societies Act, 1984 [Repealed] Section 61
Title: Disposal of Net Profits
State: Central
Year: 1984
.....the balance of the net profits may be utilised for all or any of the following purposes, namely :- (a) Payment of dividend to members on their paid-up share capital at a rate not exceeding the prescribed limit; (b) Constitution of or contribution to such special funds including education funds, as may be specified in the bye-laws; (c) Donation of amounts not exceeding five per cent of the net profits for any purpose connected with the development of co-operative movement or charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890; (d) Payment of exgratia amount to employees of the multi-State co-operative society to the extent and in the manner specified in the bye-laws. (3) The funds of a multi-State co-operative society shall not be utilized for any political purpose.
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 63
Title: Disposal of Net Profits
State: Central
Year: 2002
.....to such conditions as may be prescribed, the balance of the net profits may be utilised for all or any of the following purposes, namely:-- (a) payment of dividend to the members on their paid-up share capital at a rate not exceeding the prescribed limit; (b) constitution of, or contribution to, such special funds including education funds, as may be specified in the bye-laws; (c) donation of amounts not exceeding five per cent. of the net profits for any purpose connected with the development of co-operative movement or charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890(6 of 1890); (d) payment of ex gratia amount to employees of the multi-State co-operative society to the extent and in the manner specified in the bye-laws.
View Complete Act List Judgments citing this sectionCourt-fees Act, 1870 Section 10
Title: Procedure Where Net Profits or Market-value Wrongly Estimated
State: Central
Year: 1870
(i) If in the result of any such investigation the Court finds that the net profits or market-value have or has been wrongly estimated, the Court, if the estimation has been excessive, may in its discretion refund the excess paid as such fee: but, if the estimation has been insufficient, the Court shall require the plaintiff to pay so additional fee as would have been payable had the said market-value or net profits been rightly estimated. (ii) In such case the suit shall be stayed until the additional fee is paid. If the additional fee is not paid within such time as the Court shall fix, the suit shall be dismissed. 1[* * * * *] _____________________________ 1. Clause (iii) rep. by Act 12 of 1891, Section 2 and Schedule I.
View Complete Act List Judgments citing this sectionCourt-fees Act, 1870 Section 9
Title: Power to Ascertain Net Profits or Market Value
State: Central
Year: 1870
If the Court sees reason to think that the annual net profits or the a market-value of any such land, house or garden as is mentioned in section 7, paragraphs (v) and (vi), have or has been wrongly estimated, the Court may, for the purpose of computing the fee payable in any suit therein mentioned, issue a commission to any proper person directing him to make such local or other investigation as may be necessary, and to report thereon to the Court.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 197
Title: Overall Maximum Managerial Remuneration and Managerial Remuneration in Case of Absence or Inadequacy of Profits
State: Central
Year: 2013
.....rendered are of a professional nature; and (b) in the opinion of the Nomination and Remuneration Committee, if the company is covered under sub-section (1) of section 178, or the Board of Directors in other cases, the director possesses the requisite qualification for the practice of the profession. (5) A director may receive remuneration by way of fee for attending meetings of the Board or Committee thereof or for any other purpose whatsoever as may be decided by the Board: Provided that the amount of such fees shall not exceed the amount as may be prescribed: Provided further that different fees for different classes of companies and fees in respect of independent director may be such as may be prescribed. (6) A director or manager may be paid remuneration either by way of a monthly payment or at a specified percentage of the net profits of the company or partly by one way and partly by the other. (7) Notwithstanding anything contained in any other provision of this Act but subject to the provisions of this section, an independent director shall not be entitled to any stock option and may receive remuneration by way of fees provided under sub-section (5),.....
View Complete Act List Judgments citing this sectionMulti State Co-operative Societies Act, 1984 [Repealed] Section 60
Title: Funds Not to Be Divided by Way of Profit
State: Central
Year: 1984
.....working expenses including repairs, rent, taxes and depreciation, bonus payable to employees under the law relating to payment of bonus for the time being in force, and equalization fund for such bonus, provision for payment of income-tax and making approved donations under the Income-tax Act, 1961, development rebate, provision for development fund, bad debts fund, price fluctuation fund, dividend equalization fund, share capital redemption fund, investment fluctuation fund, provision for retirement benefits to employees, and after providing for or writing off bad debts and losses not adjusted against any fund created out of profit : Provided that such society may. add to the net profits for the year, interest accrued in the preceding years, but actually recovered during the year : Provided further that in case of such multi-State co-operative societies as do not have share capital, the surplus of income over expenditure shall not be treated as net profits and such surplus shall be dealt with in accordance with the bye-laws.
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 62
Title: Funds Not to Be Divided by Way of Profit
State: Central
Year: 2002
.....expenses including repairs, rent, taxes and depreciation, bonus payable to employees under the law relating to payment of bonus for the time being in force, and equalisation fund for such bonus, provision for payment of income-tax and making approved donations under the Income-tax Act, 1961(43 of 1961), development rebate, provision for development fund, bad debt fund, price fluctuation fund, dividend equalisation fund, share capital redemption fund, investment fluctuation fund, provision for retirement benefits to employees, and after providing for or writing off bad debts and losses not adjusted against any fund created out of profit: Provided that such society may add to the net profits for the year interest accrued in the preceding years, but actually recovered during the year: Provided further that in the case of such multi-State co-operative societies as do not have share capital, the surplus of income over expenditure shall not be treated as net profits and such surplus shall be dealt with in accordance with the bye-laws.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 198
Title: Calculation of Profits
State: Central
Year: 2013
.....of section 197,-- (a) credit shall be given for the sums specified in sub-section (2), and credit shall not be given for those specified in sub-section (3); and (b) the sums specified in sub-section (4) shall be deducted, and those specified in sub-section (5) shall not be deducted. (2) In making the computation aforesaid, credit shall be given for the bounties and subsidies received from any Government, or any public authority constituted or authorised in this behalf, by any Government, unless and except in so far as the Central Government otherwise directs. (3) In making the computation aforesaid, credit shall not be given for the following sums, namely:-- (a) profits, by way of premium on shares or debentures of the company, which are issued or sold by the company; (b) profits on sales by the company of forfeited shares; (c) profits of a capital nature including profits from the sale of the undertaking or any of the undertakings of the company or of any part thereof; (d) profits from the sale of any immovable property or fixed assets of a capital nature comprised in the undertaking or any of the undertakings of the company, unless the business of the company.....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 349
Title: Determination Ofnet Profits
State: Central
Year: 1956
.....sale proceeds or its scrap value. _______________________ 1. The words "for the purpose of section 348," omitted by Act 53 of 2000, section 160 (w.e.f. 13-12-2000). 2. Substituted by Act 65 of 1960, Section 127, for "profits from the sale" (w.e.f. 28-12-1960). 3. Inserted by Act 65 of 1960, Section 127 (w.e.f. 28-12-1960). 4. Substituted by Act 65 of 1960, Section 127, for clause (j) (w.e.f. 28-12-1960). 5. Substituted by Act 65 of 1960, Section 127, for clause (l) (w.e.f. 28-12-1960). 6. Inserted by Act 65 of 1960, Section 127 (w.e.f. 28-12-1960). 7. Inserted by Act 11 of 2000, Section 37. 8. Clause (a) omitted by Act, 2000, Section 160 (w.e.f. 13-12-2000).
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