Co-oprative housing society

umeshayare (Querist) 01 September 2009 This query is : Resolved
Dear Sir,

Please give me full details of Co-Oprative housing society.

Regards,
Umesh

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Raj Kumar Makkad (Expert) 04 October 2009
THE BY-LAWS
OF
THE J. M. K. GOEL CO-OPERATIVE GROUP HOUSING SOCIETY LIMITED, BHIWANI (HARYANA).

I. PRELIMINARY

1. NAME OF SOCIETY : The Name of the Society shall be THE J. M. K. GOEL CO-OPERATIVE GROUP HOUSING SOCIETY LIMITED, BHIWANI (HARYANA

2. ADDRESS OF SOCIETY : The registered address of the society shall be â€œPrabhat Cinema Market, Circular Road, Bhiwani, Tehsil & District Bhiwani (Haryana).

3. AREA OF OPERATION : The area of operation of the society shall be whole Haryana State.

II. OBJECTS

4. OBJECTS : The objects of the society shall be:

i). to acquire either through outright purchase or on lease, land for development and construction of residential houses/flats for giving to its members, either on outright purchase or on lease or rent but the ownership of the land shall always remain with the society,

ii). to lease out/sell residential houses/flats to its members;

iii). to sell or to exchange house sites with members, rent or lease buildings for common use, surrender or accept surrender of houses or house sites;

iv). to purchase and sell to members requisite material for construction and repairs of houses;

v). To establish and carry on sanitary, social, educational and recreational activities for the benefit of the members;

vi). To advance loans to its members for payment of premium or construction or repairs of the house/flats leased out to them and other allied needs;

vii).To sanction house plans;

viii). To arrange to provide to its members all necessary common amenities and facilities relating to the up keep of the tenements such as roads, lanes, parks etc. according to the Act, Rules and its Bye-Laws and also to arrange to maintain of the Estate of the society including the roads, lanes, parks etc;
ix). To establish and carry on its own account or jointly with individuals or institutions educational, physical, social and re-creative activities particularly for the benefits of its members and tenants;

x). To undertake measures to spread knowledge of Co- Operative principles and practices; and.

xi). To undertake such other activities as are conductive to the attainment of the above objects.

III. MEMBERSHIP

5. MEMBERSHIP : Subject to the provisions of bye-laws 6, any individual shall be eligible for admission as a member of the society, if he is:-

i). Over 18 years of age and of sound mind;

ii). ordinarily resident in the area of operation of the society;

iii). of good character;

iv). Interested in building a house for his own use;

6. No individual shall be eligible for admission as a member of the society, if :-

i). He has applied for bankruptcy.
OR
ii). He has been declared as an insolvent.

iii). He has been sentenced for any offence involving dishonesty or moral turpitude within 5 years preceding the date of his admission as a member.

7. Application for admission as a member other than those who join the application for registration and for allotment of shares shall be disposed of by the Managing Committee of the society. If the committee refuses to admit a person, if shall record its reasons for such refusal and communicate them to the person concerned. Any person, who has been refused admission, shall have the right of an appeal to the Registrar within one month of the date of communication of refusal. The decision of the Registrar on such appeal shall be binding on the society and the appellant.

8. No member shall be admitted during 15 days preceding the date fixed for general body meeting of the society at which office bearers are to be elected.

9. Every member on admission shall sign his name or make his thumb mark in the register of members and shall pay as admission fee of Rs. 1000/-.

10. i). Every member of the society shall nominate a person or persons to whom
his share or interest or such sums out of share or interest as may be specified by the members shall, on the death of the member, be transferred or paid as laid down in these bye-laws.

ii). Such nomination may, from time to time, be revoked or modified by the member.

iii). The number of persons who may be nominated by a member shall not exceed the number of shares held by the member.

iv). When a member of the society nominates more than one person he shall, as for as practicable, specify the amount to be paid or transferred to each nominee in the terms of whole share and the interest accruing thereon.

v). The record of nomination shall be kept by the society in such manner as may be laid down by the Registrar from time to time.

vi). The value of the share or interest transferred or paid to a nominee or nominees shall be determined on the basis of the sum actually paid by the member to acquire such share or interest.

11. a). A member may be expelled for one or more of the following reasons:

i). Ceasing to reside in the are of operation of the society;

ii). Failure to pay the share-money or amounts due from his to the society;

iii). Conviction of a criminal offence involving dishonesty of moral turpitude;

iv). Application of bankruptcy;

v). An action which may be held by the general body to be dishonest or contrary to the interest reputation and stated objects of the society, such as misapplying a loan, incurring serious outside liability without the societyâ€™s knowledge or refusing to give information as his debts, etc.

b). No member shall be expelled except by a resolution passed by two-third majority in the general meeting at which not less than half the members are present and vote. The member so expelled shall have the right to appeal to the Registrar against the decision of the general body within one month of the date of such decision. The order of the Registrar on appeal shall be binding on the society and the appellant.

12. A person shall cease to be a member of the society in one or more of the following circumstances:-

i). Death;

ii). Ceasing to hold at least one share;

iii). Withdrawal after 6 months notice to the society provided that the members withdrawing is not indebted to the society and is not surety for an unpaid debt and provided further that the share/shares held by the member are disposed of in accordance with bye-laws 18 and 19;

iv). Permanent insanity;

v). Declaration of bankruptcy;

LIABILITY

13. The liability of a member for deficit in the assets of the society in the event of its being wound up shall be limited to five-times the value of the share-capital subscribed by him.

FUNDS

14. The society may raise funds by:-

i). Issuing of shares of the value of Rs. 1000/- each.

ii). Acceptance of deposits from members.

iii). Raising of deposits and loans from non-members & financial institutions & banks etc.

iv). Accumulation of profits.

15. Each members shall take at-least one share of the value of Rs. 1000/- at the time of his admission.

16. No member shall hold shares of which nominal value exceeds Rs. 25,000/- or 1/5th of the total share capital actually subscribed whichever is less. If any member by inheritance or otherwise becomes possessed of more than the maximum holdings permitted by this rule, the managing committee shall have power to sell the excess number or to buy them on behalf of the society to hold the proceeds at the disposal.

17 If the payment due on account of shares remains unpaid for more than 3 months, the managing committee may declare such shares forfeited together with all payments made thereon and he right of the membership attaching to those shares shall thereupon extinguished. The committee may allow such shares to be restored provided:

i). That all the arrears together with such interest as the committee may demand and paid up; and

ii). That such payment is made within three months of the date of forfeiture.

18. No share shall be withdrawn, but shares nay be transferred to a memb