Hi,
As per the amended laws under the MCS Act, it is now mandatory for the elected members of the Managing Committee of any Co-operative Society to furnish & register an Indemnity Bond to the Dy. Registrar of the concerned ward. While there is a debate going on regarding its applicability to the Co-operative Housing Socities and the consequences thereof, I have a few queries regarding the same, which I am appending below:
a) What is the time limit within which such Indemnity Bonds have to be registered with the Dy. Registrar?
b) What are the exact nature of the liabilities against which this Indemnity Bond needs to be furnished and what are the consequences to the individual member by furnishing the said bond?
c) As a corollary, can a person living in a CHS, but his flat being registered under his parents' name, be elected as a member of the MC, subject to the person not being ineligible for election as per the other provisions of the rules and bye-laws? What are the necessary procedures that must be carried out to make such a person a valid member of the MC?
Awaiting an early response from the learned members of this forum, and thanking in anticipation,
Best regards,
Ajay D.
