Disposal of profits

(1) At least one-fourth of the net profits of every registered society, as ascertained by the audit prescribed by section 35 of this Act, shall be carried to a fund to be called the reserve fund, which shall be employed as prescribed by the rules. 18 (2) Subject to subsection (3) of this section, the remainder of such profits and any profits of past years available for distribution may be divided among the members by way of dividend or bonus, or allocated to any funds constituted by the society, to such extent or under such conditions as may be prescribed by the rules or by-laws. (3) Subsection (2) of this section, shall not apply in the case of a society with unlimited liability, no distribution of profits shall be made without the general or special order of the Minister. (4) Any registered society may, with the sanction of the Registrar, after one-fourth of the net profits in any year has been carried to a reserve fund, contribute an amount not exceeding ten per centum of the remaining net profits to any local charitable purpose or to a common-good fund in Belize.