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Co -operative housing society funds distribution. Amongst members.
10-Oct-2024 (In Property Law)
I need legal advice regarding co-operative society,Can we legally distribute some Funds from fd amongst all members? As our soc. Will go for redevelopment (merging 2 societies ) in near future? What is the procedure for the same?
Society funds, including the reserve, maintenance, and sinking funds, are primarily for property upkeep, repairs, and improvements. These funds are not distributed directly to members but are used for collective society expenses. Any profits are allocated to specific funds for society operations. Direct payouts, such as share capital refunds, only occur in special cases, like a member resigning, and require general body approval. Unused funds may be invested, but only in safe, approved options like banks or securities.
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Adv. Rohan Venkatesh Yemul
Mumbai | 100+ Answers
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