Section 63: Reserve Fund
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
63. Reserve Fund
(1) Every society shall maintain a Reserve Fund into which shall be paid
at least 5 per cent of its surplus.
(2) Where the Minister is satisfied that a society has accumulated
adequate funds in its Reserve Fund, the Minister may, on an application
made by the society, authorise the society to contribute a lesser percentage
of its surplus to the Reserve Fund than the percentage referred to in
subsection (1).
(3) Subject to subsection (1), a society may maintain special reserve
funds into which shall be paid such part of its surplus as may be provided in
the rules or as the general meeting may approve.
(4) No society shall pay any dividend out of its Reserve Fund.
(5) A society may, from its Reserve Fund, issue bonus shares to its
members.