Corporate Conditions

Bye-law No. 19

19. c. MEMBERSHIP CONDITIONS FOR CORPORATES

A Firm, Company, or any other Body Corporate, registered under any law for the time being in force, which is eligible to be a Member of the Society and has made an application for Membership of the Society in the prescribed form may be admitted as a Member by the Committee of the Society on complying with the following conditions:
i. applicant has sent, along with application for Membership of the Society, a certified copy of the agreement duly stamped entered into by it, with the Promoter(Builder) or transferor under Section 4 of the Ownership Flats Act.1963, with certified copy of resolution of the firm or company as the case may, authorizing to sign the application.
ii. applicant has paid, along with application for Membership, the full value of at least 10 shares and an entrance fee of Rs. 100/-.
iii. applicant has complied with the conditions mentioned in the notifications, issued by the State Government, from time to time, under the Second Proviso to Section 22 of the Act.
iv. applicant has furnished the undertakings / declarations in the prescribed forms required under any law for the time being in force along with the application for Membership.

Note : The conditions at (i) and (iii) shall not be applicable to the firm/ company of the Promoter Builder, applying for Membership of the Society in respect of the unsold flats.