We are a group of 100 individuals working in the same organisation. We wish to pool in our resources and build a housing society. What sort of legal entity can we form for the same?
Dr J C Vashista (Lawyer) 13 January 2022
Consult and engage a local prudent lawyer for better appreciation of facts / documents, professional advise and necessary proceeding.
P. Venu (Advocate) 13 January 2022
Any suggestion depends upon the law in force in the State in which the housing complex is proposed to be constructed.
Aryan Raj 13 January 2022
In response to your query,
Society Registration, under, The Society Registration Act, in India, lays down certain procedures for the sake of society registration & operation. This act was implemented with the purpose of augmenting the legal stipulations of society registration for the advancement of literature, fine arts, science or distribution of awareness for bountiful purposes. The society registration act, 1860 has been accepted by several state governments without or with further amendments.
A Society can be created by a minimum of 7 or more persons. Apart from persons from India, companies, foreigners, as well as other registered societies can also register for the Memorandum of association of the society. Similar to Partnership firms, society can also be either unregistered or registered. But, only the registered societies will be able to withstand consigned properties and/or have an ensemble filed against or by the society.
Society registration is maintained by state governments. Thus, the application for society registration must be created to the specific authority of the state, where the registered office of the society is situated. For Society registration, the establishing members must agree with the name of society first and then prepare for the Memorandum, followed by Rules & Regulations of the society.