Section 34Part 4 — Property and Funds of Registered Societies
Disposal of dividends and bonus
←→ Navigate · Click subsection badges to collapse · Press ? for help
No registered society shall pay a dividend or bonus or distribute any part of its accumulated funds before the balance sheet has been certified —
in the case of a society other than a credit union, by an auditor approved by the Registrar; and
in the case of a credit union, by an auditor approved by the Authority.
No registered society shall declare any dividend exceeding six per cent per annum.