FAQ

Bye-Law No. 2: Registered & Correspondence Address

2. a. REGISTERED ADDRESS

The registered address of the Society shall be as under: ‘Your society’s full address in registration certificate’

2. b. CORRESPONDENCE ADDRESS

Address for Correspondence (as decided by the Managing Committee): ‘Your society’s full correspondence address’

2. c. INTIMATION FOR CHANGING REGISTERED ADDRESS

Any change in the registered address of the Society shall be intimated by it to the Registering Authority and all others concerned within 30 days of such change.

2. d. CHANGING REGISTERED ADDRESS

Any change in the registered address of the Society shall be made after following the procedure laid down in the Rules.

2. e. SOCIETY BOARD

The Society shall exhibit at a conspicuous place at the main entrance of the building, a Board indicating its name, registration number, and registered address.

Bye-Law No. 71: Simple Interest Charged on Outstanding Dues

A Member shall be required to pay simple interest at twenty one percent per annum, or, at such lower rate as may be fixed by the General Body, on the outstanding dues to the Society, from the date the amount was due as prescribed under Bye-law no. 69, till full and final payment by the Member

Bye-Law No. 36: Payment of Share Value to Nominee(s)

If there is the single nominee and if he demands payment of the value of Shares and interest of the deceased Member, in the capital/property of the Society, the Society shall acquire the same and pay him the value thereof as provided under the bye-law No.63. If, however, there are more nominees than one and if they demand payment of the value of the shares and interest of the deceased Member in the capital/property of the Society, the Society shall acquire the same and pay them value thereof as provided under the bye-law referred to above in the proportion mentioned in the nomination form. If no proportion is mentioned in the nomination form, the payment shall be in equal proportions.

Bye-Law No. 37: Payment of Share Value to Heir(s)

If, in the opinion of the Committee, there is only one heir / legal representative of the deceased Member and if he demands payment of the value of the shares and interest of the deceased Member in the capital/property of the Society, the Society may acquire the same and pay him the value thereof as provided under the bye-law No. 63 after obtaining the indemnity bond referred to in the bye-law No. 34. If, in the opinion of the Committee, there are more heirs/legal representatives than one and if they demand payment of the value of Shares and interest of the deceased Member in the capital/property of the Society, the Society may acquire the same and pay them value thereof in equal proportion as provided under the bye-law No. 66, after obtaining the Indemnity Bond referred to in the bye-law No. 35, from all the heirs/legal representatives jointly.

Bye-Law No. 38: Share Transfer Process

38. a. SHARE TRANSFER APPLICATION

A Member, desiring to transfer his shares and interest in the capital/property of the Society shall give 15 days notice of his intention to do so to the Secretary of the Society in the prescribed form, along with the consent of the proposed transferee in the prescribed form.

38. b. APPLICATION IN COMMITTEE MEETING

On receipt of such notice, the Secretary of the Society shall place the same before the meeting of the Committee, held next after the receipt of the notice, pointing out whether the Member is prima-fascia eligible to transfer his shares and interest in the capital/property of the Society, in view of the provisions of Section 29(2)(a) of the Act.

38. c. COMMUNICATION IN EVENT IF INELIGIBILITY

In the event of ineligibility (in view of the provisions of section 29(2)(a) & (b) of the act) of the Member to transfer his shares and interest in the capital/property of the Society, the Committee shall direct the Secretary of the Society to inform the Member accordingly within 8 days of the decision of the Committee.

38. d. NO OBJECTION CERTIFICATE

“No Objection Certificate” of the Society is not required to transfer the shares and interest of the transferor to transferee. However in case such a certificate is required by the transferor or transferee, he shall apply to the Society and Committee of the Society may consider such application on merit, within one month.

Bye-Law No. 9: Issuing & Managing Share Certificate

9. a. SHARE CERTIFICATE

A Share Certificate, prescribed in bye-laws, bearing a distinctive number and indicating the name of the Member, the number of shares issued, and the value paid thereon, shall be issued by the Society to every Member for the shares subscribed by him, within a period of six months of the allotment of the shares.

9. b. DUPLICATE SHARE CERTIFICATE

The Committee of the Society shall issue a duplicate share certificate, “So Marked (DUPLICATE)”, on application to its members on production of the following documents.
1. if the share certificate is lost – copy of police complaint lodged, and an affidavit in that regard.
2. if the share certificate is soiled, burnt, torn, disfigured etc. affidavit in that regard.

Bye-Law No. 10: Authenticating the Share Certificate 

Bye-Law No. 8: Calculation of Authorised Share Capital

The Authorised Share Capital of the Society shall be Rs ‘x’ divided into ‘y’ shares of Rs. 50 each.

Bye-Law No. 98: Secretary Issues SGM Notice 

The committee shall decide the date, time and place of every General Body Meeting of the Society and the business to be transacted thereat; provided that the business to be transacted at the requisitioned Special General Body Meeting shall be only that mentioned in the requisition. The notice convening the General Body Meeting shall be issued by the Secretary of the Society as provided in Bye-law no. 161. On his failure to issue the notice, the Chairman shall issue it.

Bye-Law No. 66: Composition of Service Charges 

The Service charges of the Society referred to at 64 (vii) above shall include the following:
a. Salaries of the office staff, liftmen, watchmen, malis, and any other employees of the Society.
b. Where the Society hasindependent Office, the property taxes, electricity charges, water charges etc. for the same.
c. Printing, Stationery and Postage,
d. Travelling Allowance and conveyance charges to the staff and the Members of the Committee of the Society.
e. Sitting fees paid to the Members of the Committee of the Society,
f. Subscription to the Education Fund of the Maharashtra Rajya Sahakari Sangh Ltd.
g. Annual Subscription of the Housing Federation and any other co-operative institution to which the Society is affiliated.
h. Entrance fees for affiliation to the Housing Federation and any other cooperative institution.
i. Audit Fees for internal, Statutory, and reaudit, if any.
j. Expenses incurred at meetings of the general body, the Committee and the Sub-Committee, if any

k. Retainer fees, legal charges, statutory enquiry fees.
l. Common electricity charges.
m. Any other charges approved by the General Body at its Meeting.

However such charges should not contradict the provisions of the Act, Rules and Bye-laws of the Society.

Bye-Law No. 140: Functions of the Secretary

The functions of the Secretary of the Society shall be those mentioned below :

(Items of the Powers, Functions and Duties – the Bye-law no. under which the Power, Function or Duty falls)

1. To issue share certificate to Members within the stipulated period and the prescribed manner (9 & 10)
2. To deal with resignations from Members including associate and nominal Members (27 to 30)
3. To enter nominations and revocations thereof in the Nominations Register (31)
4. To inspect the property of the Society (46.a)
5. To issue notices regarding repairs to be carried out in flats (46.b.C)
6. To deal with cases of expulsion of Members (48 to 53)
7. To deal with cases of cessation of Membership including associate and nominal Membership (54)
8. To deal with the applications for various purposes received by the Society (63)

9. To prepare and issue demand notices/bills for payment to the Society’s charges (68)
10. To bring cases of defaults in payment of the Society’s charges to the notice of the Committee (69)
11. To issue letter of allotment of flats (76.a)
12. To issue notices and agenda of all meetings of the general body (97)
13. To record the minutes of all the meetings of the general body (107)
14. To call the first meeting of the newly constituted committee (121.b)
15. To issue notices of all the meetings of the Committee (131)
16. To attend meetings of the Committee and to record minutes thereof (135)
17. To attend meeting accounts books, register and other records, unless otherwise decided by the committee (142)
18. To finalize account of the Society in the required manner (145.b)
19. To produce records of the Society before different authority concerned with the working of the Society with the consent of the Chairman (151)
20. to prepare the audit rectification reports in respect of audit memos received from the Statutory and internal Auditors (152)

21. To bring breaches of the Bye-laws by the Members of their notices under instructions from the committee and Penalties there to (164)
22. To discharge such other functions under the MCS Act 1960 the MCS Rules 1961 and the Bye-laws of the general body meetings, as are not expressly mentioned hereinabove.
23. To place the complaint application with facts before the committee, in the coming meeting (174)

Bye-Law No. 116: Prohibition on Interest in Society

No officer of the Society shall have any interest, directly or indirectly, otherwise than as such officer: 

(a) In any contract made with the Society.

(b) In any property sold or purchased by the Society. 

(c) In any other transaction
of the Society, except as investment made in or loan taken from the Society for provision of residential accommodation by the Society to any paid employee of the Society. 

Bye-Law No. 104: No Proxy Allowed

No proxy or a holder of power of attorney or letter of authority shall be eligible to attend a General Body Meeting of the Society on behalf of a Member of the Society.

Bye-Law No. 105: Member & Associate Member Voting Rights

Voting right of a Member and the Associate Member of the Society shall be regulated in accordance with the provisions of Section 27 of the Act

Bye-Law No. 106: One Member, One Vote

At the General Body Meeting of the Society, every Active Member of the Society and in his absence, his Associate Member shall have one vote only. In case of equality of votes, the Chairman of the meeting shall have a casting vote.

Bye-Law No. 25: Restriction on Rights of Associate Members

No Associate Member shall have any rights or privileges of an active Member except as provided under Section 27(2) of the Act and he fulfills the conditions of bye-law 22(a)

Bye-Law No. 26: Restriction on Rights of Nominal Members

A nominal Member shall have no rights such as Member.

Bye-Law No. 143: Secretary’s Responsibility to Maintain Accounts & Records

Unless otherwise decided by the Committee, it shall be the responsibility of the Secretary of the Society to maintain and keep up to date the Account Books, Registers and other Records mentioned under the bye-laws Nos. 141 and 142.

Bye-Law No. 137: Committee Members Jointly & Severally Responsible

The Members of the Committee shall be jointly and severally responsible for all the decisions taken by the committee during its term relating to the business of the Society. The Members of the committee shall be jointly and severally responsible for all the acts and omissions detrimental to the interest of the Society.

Bye-Law No. 31: Acquisition of Shares

On acceptance of the resignation of the Member, under bye-law No. 27, the Society shall acquire the shares and interest of the Member in the capital/ property of the Society and pay him the value thereof as provided under the bye-law No. 66.

Bye-Law No. 130: Resignation Application of Committee Member

A Member of the Committee may, by a letter addressed to the Chairman of the Society, resign his Membership of the committee. The resignation shall be effective from the date it is accepted by the Committee or on expiry or the period of one month from the date of the receipt of the letter or resignation by the Chairman or the Secretary of the Society, whichever is earlier.

Bye-Law No. 131: Resignation by Officer Bearers or Committee

131. a. RESIGNATION OF CHAIRMAN

The Chairman of the Society may resign his office as Chairman by a letter addressed to the Secretary of the Society

131. b. RESIGNATION OF SECRETARY OR TREASURER

The Secretary or Treasurer of the Society may resign his office as Secretary or Treasurer by a letter addressed to the Chairman of the Society.

131. c. EFFECTIVENESS OF OFFICE BEARER’S RESIGNATION

Chairman/ Secretary/ Treasurer’s resignation will be effective only after its acceptance and handing over the charge to the newly elected Chairman/ Secretary/ Treasurer, as the case may be.

131. d. ACCEPTANCE OF OFFICE BEARER’S RESIGNATION

The Committee may accept the resignation of the office of the Chairman/ Secretary/ Treasurer only after it is satisfied that the Chairman or as the case may be the Secretary or Treasurer of the Society has brought upto date the work entrusted to him and has produced the entire papers and property of the Society, in his possession, before the Committee.

131. e. COMMITTEE RESIGNATION IN GENERAL BODY

In case entire committee intends to resign, the resignations of the committee shall be placed before the General Body and such resignations shall be effective from the date of acceptance of such resignations by the General Body. This fact of acceptance of resignations of the entire Committee by the General Body, shall be communicated to the Registrar by the outgoing officers and Registrar may take necessary action as provided under section 77 A of the Act. However the existing Committee shall continue to carry on with only routine functioning of the Society, till alternate arrangement is made by the Registrar

Bye-Law No. 12: Reserve Fund Components & Appropriation

12. a. CONSTITUTION OF RESERVE FUND

The Reserve Fund of the Society shall comprise of —
i. all entrance fees received by the Society from its Members;

ii. all transfer fees received by the Society from its Members on transfers of the shares, along with the occupancy rights;
iii. all premiums received by the Society from its Members on transfers of their interest in the capital or property of the Society;
iv. the amounts carried to the said fund, from year to year, out of the net profit / surplus of that year, subject to the provisions of Section 66 (1) and (2) of the Act;
v. all donations received by the Society, except those received by it for the specific purpose.

12. b. APPROPRIATION OF RESERVE FUND

The Society shall, while finalizing the accounts for the preceding cooperative year, appropriate all amounts referred to in the bye-law no. 12(a)(i) to (v) to the Reserve Fund of the Society

Bye-Law No. 135: Action on MCM Request

On a requisition by 1/3rd of the Members of the committee, the Secretary of the Society shall convene a special meeting of the Committee within 7 days of the date of receipt of the requisition to discuss the matter mentioned in the requisition to discuss the matter mentioned in the requisition. On the failure of the Secretary of the Society to convene such a meeting within the time stipulated the procedure laid down under the bye-laws No. 131 shall be followed 

Bye-Law No. 111: Society Management by Committee

The Management of the affairs of the Society shall vest in the Committee duly constituted in accordance with the provisions of the Act, the Rules and the Bye-laws of the Society.

Bye-Law No. 112: Powers & Functions of the Committee

Subject to the direction given or regulation made by a Meeting of The General Body of the Society, the Committee shall exercise all powers, expressly conferred on it and discharge all functions entrusted to it under the bye-law No. 138.

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

Bye-Law No. 13.a : Repairs & Maintenance Fund

The Repairs and Maintenance Fund, at the rate fixed at the general body subject to the minimum of 0.75 per cent per annum 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.