Housing Society Bye-laws are the rules and regulations laid down for the proper and peaceful running of the co-operative housing societies. Co-operative society bye-laws are approved by the government authorities and are formed with the intention to help the societies self-regulate themselves.
MODEL BYE-LAWS OF COOPERATIVE HOUSING SOCIETY
VI. FUNDS, THEIR UTILIZATION AND INVESTMENT
F) Utilization of the Funds by the Society (Bye Law No 14)
The Society may utilize its Funds in the manner indicated below :
Bye Law No 14(a) Utilization of the Reserve Fund
Reserve Fund: The Reserve Fund of the Society may be utilized for the expenditure on repairs, maintenance and renewals of the Society’s property.
Bye Law No 14(b) Utilization of the Repairs and Maintenance Fund
Repairs and Maintenance Fund The Repairs and Maintenance Fund may be utilized for meeting the expenditure on maintenance of the Society’s property and repairs and renewals thereof.
Bye Law No 14(c) Utilization of Sinking Fund
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 maybe certified by the Architect and on approval of General Body.
Bye Law No 14(d) Utilization of Education & Training Fund
The Education & Training Fund be utilized as provided under section 24(A) of the Act
Utilization of all the Funds shall be with the specific prior approval of Society’s General Body.
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