As per the Law, each Builder or Developer has to plan and design a Housing Cooperative Society with definite alternatives accessible in this regard to administering the affairs of the building i.e.
It wouldn’t be an overstatement to articulate that in at least 90% the Promoters and / or the Builders have formed a Housing Co-operative Society.
The basic needs or necessities for a Cooperative Housing Society Registration generally are not known to the flat/unit buyers. It is a legal responsibility ejected upon the builder, where the builder acts as a philosopher, friend as well as guide of the promoters and assists them in formulating a Co operative Housing Society.
The scheme of operation for a Cooperative Housing Society Registration commences with choosing or selecting a Chief Promoter in a conference of the various Promoters. The builder under the Flat Owners category of cooperative society has the premium right to take charge as the chief promoter. The developer / flat purchasers should call for a meeting of the Promoters by issuing the notice under Agenda of the meeting given at least 14 days notice to the Promoters. During this conference, a Chief Promoter is selected who can easily apply such powers as well as carry out such functions as are mentioned in the minutes of the Promoters of the proposed Co-operative Society. One the Chief promoter is elected, the planned name of the society has to be decided by them. Usually, the name reservation proposal must be followed by the signature of the promoters who have attended the meeting (at least 10 Promoters). It is a common belief that the Society should consist of at least 10 members. If the number is less than 10 then special permission from Government has to be taken. In such cases, the garages/car parking may be allotted to other relatives of the promoter to reach a number of 10.
It would be really interesting to know that the model bye-laws state flat as a Flat i.e. a separate set as well as self-contained set of ground or building used or engaged to be used or intended to be used for residence, or office or godown and includes a garage, or dispensary,or showroom, or shop, or consulting room, or clinic, or flour mill, the premises forming part of a building and includes an apartment. Once the name is alloted and permission is granted by the Registrar to open a bank account, the Chief Promoter has to collect Share Capital, Entrance Fees from promoters and deposit the same in the bank branch as asked or told 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 Registration Authority should receive Proposal for Registration within a period of 3 months from the date of issue of Letter of Reservation in the name of the proposed Society.
No, the chief promoter no such rights. The chief promoter has a right only to withdraw money before registration of society and with the prior consent of the registrar.
The above mentioned condition is applicable if the Authority that has given the financial assistance or land to the society lays down any such terms and conditions.
Thanks Muds Team for their all round support in successful delivery of services. Their approach is Client Centric and they possess the deep understanding of the Subject
Their Professional Approach blended with personal touch eases out all hassals in the Transaction.
We have been working with Muds since 4 years and their service is dependable. I highly recommend Muds in every facets of Business for the hassal free sleep.