Since there were the news about how to utilize the Sinking Fund by the co-operative housing societies, in the newspapers, and lot of societies were asking about what is the procedure to be followed for the utilizing of sinking fund by the housing societies, following is the procedure.
As per approved Model Byelaw No. 13(c), of the society, there is a provision about creation of Sinking Fund, and according to the provision made under Model Byelaw No. 14(c) the procedure is given about utilization of Sinking Fund as “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 alterations 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 the General Body meeting of the Society.
As per 97th Amendment of 2013, there were major changes in the Maharashtra Co-operative Societies Act-1960, accordingly changes were also made in the Byelaws of the Society, as the provision made under Model Byelaws No. 14(c). If the society wants to utilize the said fund then in that case there is no need to take the permission of the concerned Deputy/Asstt. Registrar, C.S. of their respective ward which please note.
