(1)

Every society which earns profit from its transactions, shall maintain a Bad Debt Reserve Fund.

(2)

Every year, the society shall carry at least fifteen per cent of the net profit to the Bad Debt Reserve Fund.

(3)

All debts which are found to be irrecoverable and certified as such by a certified auditor and expenses incurred in recovering the same shall first be written off against the Bad Debt Reserve Fund.

(4)

Notwithstanding anything contained in Section 67-

(5)

Notwithstanding anything contained in the Act, no society in co-operative credit structure shall be directed by the State Government or otherwise required to contribute to any fund other than those for improving the net worth and owned fund of the society.]