VI. FUNDS RISING THEIR
UTILISATION AND INVESTMENT
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(A)
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Raising of Funds
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7
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The
funds of the society may be raised in one or more of the following ways;
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(a)
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by
entrance fees.
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(b)
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by issue of shares.
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(c)
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by loans and subsidies.
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(d)
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by deposits.
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(e)
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by voluntary donations, (but not from Transferor and
Transferee)
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(f)
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by contributions towards cost of building or buildings.
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(g)
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by fee on transfer of shares, along with the occupancy right.
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(h)
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by premium on transfer of occupying rights over the flats [As
per G.R.]
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(i)
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by any other mode permitted under these bye-laws.
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(j)
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by corpus fund from the Developer. (However, such fund cannot
be taken while transferring tenement, flats, and right of society to the
capital)
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(k)
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by way of statutory requirement
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(B)
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Share Capital
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8
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The authorised share capital
of the society shall be
Rs divided into Shares of Rs .50 each
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9
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A Share Certificate, prescribed in bye-laws, bearing
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.
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10
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Every such share certificate shall bear the seal of the
society and be signed by the Chairman, the Secretary and one member of the
committee, duly authorised by the committee in that behalf. The same shall be
issued by the Secretary of the society.
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(C)
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Limit of
liabilities
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11
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Deposits from members and loans may be received by the society
for such period and at such rate of interest and up to such amount and on
such terms and conditions as may be determined by the committee, provided
that at no time, the total amount of such liabilities shall exceed the limit
prescribed under Rule 35 of the MCS Rules 1961.
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(D)
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Constitution of the Reserve Fund
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12
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(i)
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The Reserve Fund of the
society shall comprise of
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(a)
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the amounts carried to the said fund, from year to year, out
of the net profit of that year, subject to the provisions of Section 66(1)
and (2) of the Act;
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(b)
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all entrance fees received by
the society from its members;
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(c)
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all transfer fees received by the society from its members on
transfer of shares, along with the occupancy rights;
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(d)
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all premium received by the society from its members on
transfer of their interest in the capital or property of the society.
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(e)
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all donations received by the society except those received by
it for the specific purpose.
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(ii)
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The society shall, while finalizing the
account for the preceding co-operative year, appropriate all amounts referred
to in the byelaw No.120 (i) (b) to (e) to the Reserve Fund of the society.
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(E)
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Creation of Other Funds
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13
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The society shall create and establish the following funds by
collecting contributions from its members at the rates mentioned hereunder:
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(a)
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The repairs and maintenance fund, at the rate fixed at
the meeting of general body from time to time, subject to the minimum of 0.75
per cent per annum of the construction cost of each flat for meeting expenses
of normal recurring repairs.
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(b)
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Major repairs fund, as and when required and decided by the general body at the rate
fixed on area basis.
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(c)
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The sinking fund at the rate decided at the
meeting of the general body subject to the minimum of 0.25 per cent per annum
of the construction cost of each flat.
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(F)
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Utilisation of the Funds by the Society
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14
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The society may utilize its funds in the manner indicated
below:-
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(a)
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Reserve Fund: The reserve fund of the society may be utilized for the
expenditure on repairs, maintenance and renewals of the Society's property.
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(b)
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Repairs and Maintenance Fund: The Repairs and Maintenance Fund may be utilized by the
committee for meeting the expenditure on maintenance of the society's
property and repairs and renewals thereof.
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(c)
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Sinking Fund: On the resolution passed at the meeting of the General Body of
the society the Sinking Fund may be used by the society for reconstruction of
its building/buildings or for carrying out such structural additions or
alteration to the building/buildings, as in the opinion of the society's
Architect, would be necessary to strengthen it/them or for carrying out such
heavy repairs as may be certified by the Architect and on approval of General
Body.
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(d)
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The society may create and utilize the corpus fund by making
Rules with the approval of the general body. However, such fund cannot be
taken from the person transferring flat/tenement/right to share/share capital
in the society.
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(e)
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Notwithstanding anything contained in any other bye-laws a member
may be paid remuneration at such rate, as may be decided by the general body
meeting for the services rendered by him to the society.
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(f)
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Utilisation of major repairs funds with the prior permission
of General Body.
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(G)
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Investment of Funds
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15
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The funds of
the society, when not employed in its business, may be invested or deposited
as required under Section 70 of the Act. Provided that the sinking fund
collections shall be invested on long term basis along with the interest
earned thereon by one of the modes permitted under the said Section.
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