REDEVELOPMENT OF HOUSING SOCIETIES - FORMAT OF INDEMNITY BOND IN FORM – M 20 TO BE FILED BY ALL MEMBERS OF MANAGING COMMITTEE   

To,

The Secretary,

(Name and address of the Hsg Society)

WHEREAS as per the provisions contained under Section 73(1AB) of the Maharashtra Cooperative Societies Act 1960 which reads as under:-

“The Members of the Committee shall be jointly and severally responsible for all the decisions taken by the committee during its term relating to the business of the society. The members of the committee shall be jointly and severally responsible for all the acts and omissions detrimental to the interest of the society. Every such member shall execute a bond to that effect within 45 days of their assuming the office in the form as specified by the State Government by general or special order. The member, who fails to execute such bond within the specified period, shall be deemed to have vacated his office as a member of the committee."

AND

WHEREAS as per the provisions contained under Rule 58(A) of the Maharashtra Cooperative Societies Rules 1960 which reads as under:-

"Every elected member of the Managing Committee shall execute a bond in Form M-20 within 45 days of his assuming the office. Such bond shall be executed on the stamp paper as provided under the Bombay Stamp Act 1958. The expenditure on stamp paper shall be borne by the society. The Chief Executive Officer / secretary of the society shall receive such bonds and keep them on record of the society and accordingly inform the Registrar within 45 days from of their assuming the office."

 AND

WHEREAS as per the provisions contained under Bye-laws no.138 governing the Co-Operative Housing Societies in Maharashtra which reads as under:-

“The members of the Committee shall be jointly and severally liable for making good any loss, which the Society may suffer on account of their negligence or omission to perform any of the duties and functions cast on them under the Act, Rules and the Bye-Laws of the Society”.

NOW THIS INDENTURE WITNESSETH that

1. I, Shri/Smt. ____________________________age______ years, am residing in flat no._____ in Wing/Building________ of_________ Co-operative Housing Society Ltd registered under the Co-operative Societies Act, 1960 having its registration no. ______________ of the year______ having its Registered address at________________

2. I say that as per the election results declared on __________, I have been elected as one of the members of Managing Committee of ___________ Co-operative Housing Society Ltd for the period of 5 years commencing from______ to________.

3. I say that I have assumed office on___________

4. I declare today i.e. on ______________ that I shall be jointly and severally responsible for all the decision taken by the Managing Committee during its term relating to the business of the society and shall be jointly and severally responsible for all the acts and omissions detrimental to the interest of the society as provided under Section 73(1AB) of the Maharashtra Cooperative Societies Act and Rule 58A of the Maharashtra Cooperative Societies Rules 1960 as also Bye-laws no.138 governing the Co-Operative Housing Societies in Maharashtra

Name and Signature of Managing Committee Member

Date:

Place:

Name and Signature of Witness (Secretary/Chairman)         

Seal of the Society

Formatted by Dilip Shah

Senior Counselor and Analyst for Redevelopment of Housing Societies

dilip7shah@gmail.com

9819825752

32411533

I am an author of this article and an experienced Senior Counselor and Analyst for Redevelopment of Housing Societies since last many years with in-depth study of integral techniques with exclusively skilled in the various areas of Societies Laws and Redevelopment of Housing Societies.

There are several instances of incomplete or misleading information prevailing among the Housing Societies and flat owners as well that are planning for redevelopment. Controversial court judgments add to the confusion and such Housing Societies get stuck at some point due to lack of information, knowledge, contact with right kind of counselors, analysts, advisors etc. Many societies do not have conveyance and hence, the entire process can break down in an instant.

The Resident Members/Managing Committee Members of Housing Societies benefit my counseling and my full fledged Project management consultant to the fullest extent possible and gain valuable insights about the integral technicalities of various laws applicable to the redevelopment.

I hold direct interaction with the Resident Members/Managing Committee Members on the various parameters that are involved in Redevelopment of Housing Societies and solve most of their problems/provide adequate direction to represent their cases to various Authorities. At present, I have around 60 to 70 Housing Societies on my schedule who avail my services at a point of need.

I am well adept in Laws governing the Redevelopment of Housing Societies and distinctly experienced in studying and analyzing the entire text of Drafts of Development Agreement, Power of Attorney, Tender Document, Bank Guarantee and Individual Agreement to be executed with each member of the Society generally provided by the Developers/Builders to the Housing Society which are “Builder Friendly”. These drafts after thoroughly scanned and scrutinized by us and the gray areas are exposed and converted in to “Society Friendly” drafts.

I have published numerous articles on Internet for the benefit of Housing Societies in Mumbai. Please educate yourself and caution your friendly neighbors to be vigilant from Irregularities and illegalities in Redevelopment by the Builders, Illegal gratifications showered by Builders on corrupt members of Managing Committees, Rampant Corruption in BMC, Flagrant violation of Rules and Regulations by the Builders, how to beware of Cheat and Fraud Builders and their criminal and felonious acts.

  1. Planning for redevelopment? Read this……Guidelines on Redevelopment of

      Housing Projects in Mumbai

  2. Format of Indemnity Bond in Form M-20

  3. Letter of Consent for Redevelopment of Housing Societies

  4. Mismanagement by Managing Committees

  5. Section 101 of Maharashtra co-op. Societies act 1960 for recovery of dues  

      from defaulting members

  6. Unhealthy and Unlawful practice by certain Developers in Redevelopment of

      Housing Projects in Mumbai

  7. Importance of Indemnity Bond in Form M-20 for Managing Committees

  8. Code of Conducts for Developers: Redevelopment of Housing Societies and

      old Buildings in Mumbai

  9. Long Live Corruption in Redevelopment of Housing Societies in Mumbai

10. Guidelines for Selection of a good Builder

11. Busting of Redevelopment Projects of Housing Societies

12. Redevelopment of Housing Societies: Cessed Buildings in South Mumbai:

      Bonanza of FSI of 3.0 etc

13. Code of Conduct for Builders Developers

14. Compensation to be paid by the Builder for delayed possession of flat

15. Corruption in Redevelopment

16. Redevelopment and corrupt Managing Committee Members

17. Redevelopment of Housing Societies and Sand Shortage

18. Redevelopment of Housing Societies: are Govt. Guidelines really persuasive

      and convincing?

19. Faults, Facts and Fundamentals about Redevelopment of Housing Societies

20. Redevelopment of Housing Societies.....what is Redevelopment that every

      Society wants to know?

21. Article series in Redevelopment of Housing Societies - Procedures for

      recording the minutes of various Meetings

22. Are your flats delivered in time?

Dilip Shah

Senior Counselor and Analyst for Redevelopment of Housing Societies

dilip7shah@gmail.com

9819825752, 32411533