Wednesday, 3 October 2018

Creation of Funds in Co operative housing society

Creation of Funds in housing societies :
Bye-law No 13 says

 The Society shall create and establish the following funds by collecting contributions from its Members at the rates mentioned here under :


a) The Repairs and Maintenance Fund, at the rate fixed at the general body subject to the minimum of 0.75 per cent per annul of the construction cost of each flat, incurred during the construction of the
building of the Society and certified by the Architect, for meeting expenses of normal recurring repairs of the Society’s buildings/property.

b) Major Repairs Funds, as and when required and decided by the by the General Body at the rate fixed pro-rata on area basis.

c) The Sinking Fund at the rate decided at the meeting of the general body, subject to the minimum of 0.25 per cent per annul of the construction cost of each flat incurred during the construction of the
building of the Society and certified by the Architect, excluding the proportionate cost of the land.

d) Education and Training Fund from contribution by the Members Rs 10 per month / per unit or as decided by the General Body.

Utilization of the Housing Society Funds by the committee

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