Section 154B-30 : House building co-operative societies which have achieved their objectives

In case of a house building society where all plots have been allotted to its Members and basic civic service have been transferred to the local civic body, the Registrar shall, after giving sixty days’ notice to the Committee, initiate winding up proceedings and such co-operative house building society shall be wound up:

Provided that, in the case of a co-operative house building society where land has been allotted on perpetual lease, before passing winding up orders the prior consent of the lessor shall be obtained:

Provided further that, where a house building co-operative society has been provided land to run a club, school, community canter, dispensary or community facility, etc., by the lessor, the above provision shall not apply to such co-operative house building society, if the general body decides to run these activities for the benefit of the Members and the residence