How to dispose now old 8 years profit in copertaive society

Pradeepkumar (Querist) 24 October 2017 This query is : Resolved
Dear sir,

We are having employees cooperative society from past 10 years. From past 8 years we are getting every year profit from society.
Whereas so far we have not given any dividend to share holders Now we need to dispose old years profit also for share holders.
2008-09 Rs12520/-
2009-10 Rs.125322/-
2010-11 Rs.153562/-
2011-12 Rs.175628/-
2012-13 Rs.225652/-
2013-14 Rs.201526/-
2014-15 Rs.256265/-
2015-16 Rs.295321/-
2016-17 Rs.352562/-

Please tell us how to dispose now profit. As per Bylaw there is no such condition for old year profits dispose.

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Rajendra K Goyal (Expert) 24 October 2017
Profit can be used as per bylaws of the society.

Profit can be used for distribution among shareholders after due approval / change in bylaws.

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Dr J C Vashista (Expert) 26 October 2017
Engage and seek services of a local prudent lawyer sharing "some" profits of the Society in the account of legal professional fees for proper apportionment, disbursement and disposal of profits earned.

Message likes : 1 times

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