Coperative housing society M20 I Bond not execute what to do
Tipsy
(Querist) 10 September 2009
This query is : Resolved
What is repurcussion as one member has complanined that M20 indemnity bond has not bee executed by commitee members, where do we get these specimen copy of m20 I bond ?
1. If Indemnity Bond has not been filled and filed by the mg.committee (whether it is provisional or duly constituted, is immaterial), then the committee becomes "illegal and unauthorised" automatically on the 16th day of assuming office.
2. There is no question or provision of "late fee or penalty" in the MCS Act. It is just simply the committee is deemed to have vacated office, on the 16th day and becomes "illegal & unauthorised" immediately and it cannot take any decisions or sign or conduct any meetings whatsoever, whether it is in good faith or whatever.
3. All the mg.committee members have to fill in a stamp paper of 200/- each, stating that they will abide with the MCS Act and its Rules and will not commit any violations or loss to the society and they will indeminify the society against any loss caused by them to the society, within 3 months. They will have to file such copy within 15 days with the Registrar's office and take due acknowledgement.
riven
Gulshan Tanwar
(Expert) 14 January 2011
No one answered the query, pity!!! I am not having time these days will be back to LCI after sometime and then only can answer the same.
