(1) A society or branch shall if its rules so provide have power in general meeting to declare once in every year a bonus payable in cash to its members.
(2) No bonus shall be payable except out of the excess of revenue over expenditure for the year in respect of which bonus shall be declarable of a society or branch and no bonus shall carry interest against the society or branch.
(3) No bonus shall be declared, except in express accordance with the rules of the society or branch and until all the debts, actual and contingent, of the society or branch have been paid or provided for, and after setting aside a sum to meet all claims against the society or branch.
(4) No member of any society or branch shall be entitled to bonus unless he or she shall have been a member of the society or branch for a period of not less than 26 weeks immediately prior to the date of the last meeting before the end of the bonus year and shall also be clear on the books of the society or branch at such time.