Share capital
Vinayak
(Querist) 02 December 2015
This query is : Resolved
CAN CO. OP. HSG. SOC INCREASE SHARE CAPITAL ON RECONSTRUCTION OF OLD BUILDING?
NO. OF FLATS IN NEWLY CONSTRUCTED BUILDING ARE SAME IN NUMBER AS THEY WERE IN OLD BUILDING.
BUT THE COST OF BUILDING IS INCREASED (COST OF OLD BUILDING IS APPROX. 3-4 LACS, COST OF NEW BUILDING APPROX 80-90 LACS)
Guest
(Expert) 02 December 2015
Discuss your own problem instead of a generic academic query.
Guest
(Expert) 02 December 2015
For general information, you may better read the byelaws of the society, if you are really a member of some society.
Vinayak
(Querist) 02 December 2015
This is real life situation. Pls provide some ans. I hv referred act, but didnt found any reference regarding my query. Pls do the needful.
Guest
(Expert) 02 December 2015
Which act you are talking about? I have not referred any act. Society related real life situations can be tackled only with reference to the byelaws of the society.
Vinayak
(Querist) 02 December 2015
I have referred bye laws, there is no mention about limit of share capital. I am attaching link of file I have referred. (Pg. No.8, point (B) SHARE CAPITAL, point no. 8 to 10)
Link: http://accommodationtimes.com/wp-content/uploads/MODEL_BYE_LAWS_OF_HOUSING_CO-OPERATIVE_SOCIETIES_as_per_97th_Amendment.pdf
Vinayak
(Querist) 02 December 2015
I have referred bye laws, there is no mention about limit of share capital. I am attaching link of file I have referred. (Pg. No.8, point (B) SHARE CAPITAL, point no. 8 to 10)
Link: http://accommodationtimes.com/wp-content/uploads/MODEL_BYE_LAWS_OF_HOUSING_CO-OPERATIVE_SOCIETIES_as_per_97th_Amendment.pdf
Guest
(Expert) 03 December 2015
Mr. Vinayak,
Your referrence of the MODEL byelaws, instead of the real byelaws of the society you belong, clearly reveals that yours is not a real life problem, but an academic query of a student.
The problem of you like students is that they take granted the experts as idiots only to believe as if the academic queries of students as real life problems.
Even from the model byelaws, had you applied your own mind, you could have found the mode of financing/ funding of the activities of the society. But easy going students, like you, seem to be trying the easiest way to solve their academic problems through the experts, rather than concentrating on their study material. You should not expect total spoon feeding from the experts.
Moreover, had it your real life problem, you could have described your own problem and in what way the increase of share capital of the society affects you individually, with whom you took up the problem, what is the reaction of other members, and how the managing committee responded to the real problem of the members, rather than putting a test question to the experts, e.g., "CAN CO. OP. HSG. SOC INCREASE SHARE CAPITAL ON RECONSTRUCTION OF OLD BUILDING?"
Vinayak
(Querist) 03 December 2015
Dear Mr. PS Dhingra & Mr. Rajendra Goyal, I am very surprised that you found my query as an academic query.
I have asked the above question because SOME MEMBERS WANT TO INCREASE THE CAPITAL ON RECONSTRUCTION OF OUR SOCIETY, BUT ONE OF THE MEMBER HAS STATED THAT CO. OP. HSG. SOC. CANNOT INCREASE SHARE CAPITAL. FURTHER, I HAVE TRIED FROM MY END BY REFERRING THE BYE LAWS , BUT I DIDNT FOUND SUFFICIENT REFERENCE REGARDING WHETHER CO OP HSG SOC CAN INCREASE ITS SHARE CAPITAL & LIMIT UPTO WHICH IT CAN BE INCREASED. THUS ONLY, I HAVE POSTED THE SAME HERE ON THIS WEBSITE. PLS DO THE NEEDFUL.
K.S.Srinivas
(Expert) 09 December 2015
In case there is no mention about the increase of share capital in the bye laws of the society or any limit is mentioned, it can be increased by way of amendment to the bye laws by passing a resolution in the general body meeting.
