M20 bond for co op society

Querist : Anonymous (Querist) 14 October 2011 This query is : Resolved
Sir,

one of the society committee memebers have not filed the M20 bond.

The society has passed a resolution intheir AGM, that no M20 bond needs to be filed with the Registrar.

In view of this the society is operating for the last few years without filing any bonds.

Please clarify:

1. Is this valid, to circumvent the requirement.

2. If not valid, what is the imapact on the acts done by the society Mgt Com?

Thanks,

shankar

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ajay sethi (Expert) 14 October 2011
M20 bond has to be given by all memebrs of managing committee within 15 days after elections are held in cooperative society and new managing committee has assumed office .

if members of managing committee have failed to execute bond then they are disqualified to be members of MC

complain to registrar . adminstrator will be appointed after issue of notice to society