Section 65: Payment of bonus and dividend
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.
65. Payment of bonus and dividend
(1) No assets of a society, other than its surplus, shall be distributed by
way of bonus or dividends, or otherwise, among its members.
(2) No society shall pay any bonus or dividend or distribute any part of
any special reserve fund unless the financial statement has been certified by
the Principal Co-operative Auditor or an auditor, as the case may be, and has
been approved at the general meeting.
(3) Notwithstanding subsection (2), no society shall pay any dividend on
ordinary shares unless the payment has been approved at the general
meeting.