67
CurrentDisposal of surplus funds during a financial year (CNL ss355–358)
Schedule 5Model rules for a distributing co-operative
Part 7Accounting and financial matters
67 Disposal of surplus funds during a financial year (CNL ss355–358)
(1)
The co-operative may dispose of any surplus arising in a financial year arising from the business of the co-operative in the manner authorised under the Law as determined by the board.
(2)
A part of the surplus, but not more than........%, arising in any year from the business of the co-operative may be applied for:
(a)
charitable purposes; or
(b)
supporting any activity approved by the co-operative.
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