1) Ours is a coop. Hsg. Society in Mumbai Maharashtra, comprising 3 buildings ( say A, B &C), with a common Managing Committee with no building wise representation. Accounts of each building are maintained separately, to be operated by Chairman / Treasurer AND Secretary, as per the MSCS Act 1960.
2) It is now proposed to carry out the major repairs of building A, by its residents separately contributing heavy amount for the repairs, over and above the normal maintenance paid to society. Residents of A wanted a separate account to be opened for this contribution ( Titled Repairs A building), to be operated by Chairman / Treasurer AND Secretary AND also by one of the two members of Repairs Committee constituted for the purpose by residents of A building. Repairs committee to supervise major repairs is duly approved by the society.
3) Managing Committee of society is not prepared for the same citing non existence of provision for additional signatory in the Act. Repairs Committee contends that it is additional signature, would add more accountability and is not prohibited by the act.
4) Informal reference was made to Statutory Auditor who also opined negatively but regretted to give it in writing.
5) Members are requested to kindly give their considered opinion on the matter.