Tuesday, 10 July 2018

Society must share financial info with members

Society must share financial info with members

The Maharashtra cabinet has made it mandatory for office-bearers of cooperative housing society to share financial details, if sought with their members.
The cabinet said if the office bearers committee fails to provide information, it will be fined Rs.25000.It amended the cooperative housing society rules on Tuesday.

The cabinet also decided to allow members of the housing societies with fewer than 200 members to hold their own elections every five years. Until now, the societies had to request a government body, Maharashtra State Cooperative Election Authority (MSCEA), to conduct elections, making the procedure tedious and expensive.

The new rules will be benefit most housing societies in Mumbai. Of more than 2 Lakh cooperative societies in the state, 1 lakh are cooperative housing societies. Of them, 80000 have fewer than 200 members. Mumbai has about 20000 housing societies with fewer than 200 members.
State cooperative department official said if members ask for all details except personal ones, the managing committee will have to compulsorily share them.
“Until now, it was on the society’s discretion to give information, “said a cooperative department official. The cabinet also announced that building with a minimum of five members against the 10.
Source Hindustan Times 1 Aug 2018 

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