Corpus fund of Flat Owners Association
Manoharan
(Querist) 05 May 2019
This query is : Resolved
We are residing in an apartment in Trichy, Tamil Nadu. Since, outside and inner painting of our apartment has to be done, some people are telling we can withdraw from corpus fund. They are telling it is very difficult to collect from the flat owners. It is mentioned in Byelaw that interest of that fund can be utilized for maintenance. Nowhere it is mentioned that corpus fund can be withdrawn. Is it correct to withdraw from corpus fund. Kindly clarify.
Dr J C Vashista
(Expert) 06 May 2019
1. There is no such restriction in withdrawal from "corpus" fund.
2. However, it would be better to keep the corpus intact for some unforeseen eventuality; raise demand and collect funds from members for repair/renovation/painting of flats from outside i.e., forming part of common area but not inner side of flat, which is to be maintained by individual owner.
3. Bye-Laws of the Society can be amended as per law, if felt necessary/required.
Presumably your flat/apartment is part of a Cooperative Housing/ Group Housing Society governed by State (Tamil Nadu) Cooperative Societies Act/Rules.
