not signing indemnity bond under mcs act & its effct

AJIT KAWATKAR (Querist) 05 April 2010 This query is : Resolved
maha,co-op socty.[amended rules 2002]has made it mandetory to furnish signed indemnity bond by all m.committee members within 15 days from their election.my Q. is are the resolution/decisions/expenditure etc. under taken by the committee get nuliifed/ineffective if thy have not signed the indemnity bond ?

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s.subramanian (Expert) 03 November 2010
No. Non signing may amount to an irregularity and not an illegality which is incapable of affecting the resolutions etc.

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