Nature and applicability of The Co - operatice Society Act.
It is Important to note that the model bye-laws is to be defined the flat as a Flat means a separate set and self-contained set of premises used or intended to be used or intended to be used for residence, or office or showroom, or shop, or go down and includes a garage, or dispensary, or consulting room, or clinic, or flour mill, the premises forming part of a building and includes an apartment. On allotment of name and permission to open a bank account by the Registrar, the Chief Promoter has to collect Share Capital, Entrance Fees from promoters and deposit the same in the branch of the bank permitted by the Registrar. It should be noted that the amount cannot be withdrawn from the Bank till the Society is Registered, or its Registration is refused, except with prior written permission of the Registrar. The Chief Promoter should submit Registration Proposal to the Registering Authority within a period of 3 months from the date of issue of Letter of Reservation in the name of the proposed Society. .
The Following documents need to submit to the Registrar of Societies for Housing Co-operative Society Registration.
Application for registration of Housing Co-operative Society in Form A along with Statement A. Enclosure to application for Registration as per Rule 4(1) of Maharashtra Co-operative Societies Rules, 1961. Information about proposed Housing Co-operative Society in Statement ‘B’ (vide Govt. Circular dated 2-5-1980). Information about promoter members of the proposed Housing Co-operative Society in Statement ‘C’ (vide Govt. Circular dt. 2-5-1980). A Statement of Accounts as per Form D. Model Bye-laws. Bank Balance Certificate. S.B.I. / Treasury Challan for payment of Registration Fee. Title Clearance Certificate from an Advocate A true copy of the approved Building Plan. Letter of Authority Granting permission to commence construction work/Completion Certificate (if applicable) Affidavit on Rs. 100/- Stamp Paper from at least 11 promoter members to the effect that they are residing in the area of operation of the Society (Proposed), made before a Competent Authority. An affidavit from the Chief Promoter on Stamp Paper of Rs. 100/- executed before the Competent Authority in form ‘Y’.C Certified True Copy of an agreement made on Stamp paper and registered between the builder, promoter and purchasers of flat. Where the promoter members are firms/ companies, a letter of authority from such firms/companies authorizing the promoter to sign on behalf of firm / company. In the case of such proposed societies, names of 60% of the flat holders of the total number of flats constructed or proposed to be constructed as per the plan approved, must be included in Statement ‘A’ to be attached to the Registration Proposal. It is the duty of the Registrar to register the society and on registration of the society, it becomes a separate legal entity. Thereafter, the management of the affairs of the society is carried out by the managing committee which is elected by the general body meeting of the society. It may be of interest to note that in a co-operative society the principle is one member one vote. In a co-operative society, the right to be exercised in the general body meeting is a personal right. This is one of the reasons why even a person holding a power of attorney cannot attend the general body meeting of the society. The quantum of the capital being introduced by the member is not of much importance. Preference should be given to the formation of a private limited company if one member proposes to acquire the majority of flats in the building.
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Housing Co - Operative Society
Resolution & Notice to Builder Development Agreement Power of Attorney Layout Plan (Blueprint) Commencement Certificate, if so Completion Certificate, if so 7/12 Extract Search Title Report N.A. Order & U.L.C Order Single copy of an Agreement (First Buyer) All Index- II of all flats/shops Architect Certificate of Area
According to the Co-Operative Law, every Builder / Developer has to form a Housing Co-operative Society with limited options. It wouldn’t be an exaggeration to state that in at least 90% the Promoters and / or the Builders have formed a Housing Co-operative Society. The basic requirements for a Co-operative Housing Society Registration normally are unknown to the flat/unit purchasers. It is the statutory obligation of the builder and guide to the promoters and helps them to form a Co- operative Housing Society. The procedure for Co-operative Housing Society Registration begins with election of a Chief Promoter in the meeting of the Promoters /Members. The developer / flat purchasers should call for a meeting of the Promoters / Members by issuing the notice under Agenda of the meeting given at least 15 days’ notice to the Promoters / Members. In this meeting, a Chief Promoter is elected who can exercise such powers and carry out such functions as are mentioned in the minutes of the Promoters of the proposed Co-operative Society. Chief Promoter, the proposed name of the society has to be decided by the Promoters / Members. Normally, the name reservation proposal should be accompanied by the signature of at least 11 Promoters / Members who have attended the meeting. It is a common belief that the Society should consist of at least 11 members. If the number is less than 11 then special permission from Government has to be taken. It is Important to note that the model bye-laws is to be defined the flat as a Flat means a separate set and self-contained set of premises used or intended to be used or intended to be used for residence, or office or showroom, or shop, or go down and includes a garage, or dispensary, or consulting room, or clinic, or flour mill, the premises forming part of a building and includes an apartment. On allotment of name and permission to open a bank account by the Registrar, the Chief Promoter has to collect Share Capital, Entrance Fees from promoters and deposit the same in the branch of the bank permitted by the Registrar. It should be noted that the amount cannot be withdrawn from the Bank till the Society is Registered, or its Registration is refused, except with prior written permission of the Registrar. The Chief Promoter should submit Registration Proposal to the Registering Authority within a period of 3 months from the date of issue of Letter of Reservation in the name of the proposed Society.