Maharashtra Co-operative Housing Society Bye Laws offer a clear set of guidelines for management of cooperative housing societies in the state of Maharashtra. Maharashtra Co-operative Housing Society Bye Laws acts in accordance with the rules drafted in the Maharashtra Co-operative Societies Act of 1960. Each housing society needs to follow the rules as listed in the Maharashtra Co-operative Housing Society Bye Laws to qualify as a registered housing society.
Definitions Used in the Act
Act: Act mentioned in the Maharashtra Co-operative Housing Society Bye Laws corresponds to the Maharashtra Co-operative Societies Act (MCS Act) of 1960.
Bye-Laws: Bye-laws mean the registered bye-laws of the society.
Chief Promoter: Chief Promoter means the person who is elected by the Promoters till the first general body meeting of the society takes place.
Committee: Committee means the Committee of the members that look after the overall management of the affairs of the society.
Days: Days mean the number of calendar days between the day of posting the notice and society meeting.
Flat: Flat means any self contained set of premises used for residential or commercial purpose.
Housing Society Federation: Housing Society Federation means the federation of co-operative housing societies, registered under the Act.
Parking Space: Parking Space means open space within the premises of the society earmarked by it for parking of vehicles and includes a stilt.
Promoter: Promoter or builder is a person or set of persons who constructs or causes to be constructed a block or building of flats or apartments for the purpose of selling.
Common Areas and Facilities: Common areas and facilities for all apartments include the land on which the building is located including its foundation, terraces, halls, corridors, stairs, fire escapes as well as all entrances and exits.
Member: Any person joining the cooperative society as per the bye-laws and by submitting an application for registration is known as a member once accepted.
Working Capital: The funds at the disposal of any society including its paid up share capital, profits as well as other raised or borrowed money all come under the definition of working capital.
Key Features of the Act
Area of Operation: The area of operation for any cooperative housing society as defined under the Maharashtra Co-operative Housing Society Bye Laws shall be confined to all cities and towns of the state of Maharashtra. For the societies in Brihan Mumbai, insert City Survey Number and Ward in the gap are mandatory.
Affiliation: The Society immediately after its registration shall become a member of the Housing Federation of the District. The District Central Co-operative Bank of the District will pay funds to the society as per the bye-laws of the respective organizations.
Fund Raising: Each society can raise funds as and when required either by charging an entrance fee or issuing shares or offering loans and subsidies. The society is also allowed to receive voluntary donations. Housing societies can charge a fee on transfer of shares along with occupancy rights.
Member Rights and Responsibilities: The membership of the society as per the Maharashtra Co-operative Housing Society Bye Laws must include associate members and nominal members. Any individual who is competent to contract under the Indian Contract Act, 1872 or a corporate body constituted under any law for the time being in force, or a society registered under the societies registration act, 1860 are eligible for membership. An individual who is eligible to be the member must may the membership fee as per the society bye-laws for before being inducted as a member.
Incorporation of Duties: The registration of the Society shall render it a body corporate by the name under which it is registered. The Society shall cause the structural audit of the building of the society once in five years for buildings between 15 to 30 years of age and once every three years for buildings above thirty years of age.
Society Management: The Management of the affairs of the Society shall vest in the Committee duly constituted in accordance with the provisions of the MCS Act, 1960, the MCS Rules, 1961 and the Bye-laws of the Society. A Banking Account shall be opened by the society in the nearest State or District Central Co-op. Bank or its branch or in any scheduled co-op Bank.
Resolution of Complaints: As per the section 91 of the Maharashtra Co-operative Societies Act of 1960, any dispute regarding the business activities of the society can be forwarded to any society member of surety of the member for resolution.
What the Act means for people involved?
Maharashtra Cooperative Housing Society Bye-Laws promote peaceful cohabitation among the members on the Cooperative Principles. The society bye laws ensure voluntary formation ensuring participation from all concerned. Maharashtra Cooperative Housing Society Bye-Laws also helps societies to initiate any redevelopment process as per the norms of the authority from structural audits to repair and renovation work along with day to day affairs of the society.
Definitions Used in the Act
Act: Act mentioned in the Maharashtra Co-operative Housing Society Bye Laws corresponds to the Maharashtra Co-operative Societies Act (MCS Act) of 1960.
Bye-Laws: Bye-laws mean the registered bye-laws of the society.
Chief Promoter: Chief Promoter means the person who is elected by the Promoters till the first general body meeting of the society takes place.
Committee: Committee means the Committee of the members that look after the overall management of the affairs of the society.
Days: Days mean the number of calendar days between the day of posting the notice and society meeting.
Flat: Flat means any self contained set of premises used for residential or commercial purpose.
Housing Society Federation: Housing Society Federation means the federation of co-operative housing societies, registered under the Act.
Parking Space: Parking Space means open space within the premises of the society earmarked by it for parking of vehicles and includes a stilt.
Promoter: Promoter or builder is a person or set of persons who constructs or causes to be constructed a block or building of flats or apartments for the purpose of selling.
Common Areas and Facilities: Common areas and facilities for all apartments include the land on which the building is located including its foundation, terraces, halls, corridors, stairs, fire escapes as well as all entrances and exits.
Member: Any person joining the cooperative society as per the bye-laws and by submitting an application for registration is known as a member once accepted.
Working Capital: The funds at the disposal of any society including its paid up share capital, profits as well as other raised or borrowed money all come under the definition of working capital.
Key Features of the Act
Area of Operation: The area of operation for any cooperative housing society as defined under the Maharashtra Co-operative Housing Society Bye Laws shall be confined to all cities and towns of the state of Maharashtra. For the societies in Brihan Mumbai, insert City Survey Number and Ward in the gap are mandatory.
Affiliation: The Society immediately after its registration shall become a member of the Housing Federation of the District. The District Central Co-operative Bank of the District will pay funds to the society as per the bye-laws of the respective organizations.
Fund Raising: Each society can raise funds as and when required either by charging an entrance fee or issuing shares or offering loans and subsidies. The society is also allowed to receive voluntary donations. Housing societies can charge a fee on transfer of shares along with occupancy rights.
Member Rights and Responsibilities: The membership of the society as per the Maharashtra Co-operative Housing Society Bye Laws must include associate members and nominal members. Any individual who is competent to contract under the Indian Contract Act, 1872 or a corporate body constituted under any law for the time being in force, or a society registered under the societies registration act, 1860 are eligible for membership. An individual who is eligible to be the member must may the membership fee as per the society bye-laws for before being inducted as a member.
Incorporation of Duties: The registration of the Society shall render it a body corporate by the name under which it is registered. The Society shall cause the structural audit of the building of the society once in five years for buildings between 15 to 30 years of age and once every three years for buildings above thirty years of age.
Society Management: The Management of the affairs of the Society shall vest in the Committee duly constituted in accordance with the provisions of the MCS Act, 1960, the MCS Rules, 1961 and the Bye-laws of the Society. A Banking Account shall be opened by the society in the nearest State or District Central Co-op. Bank or its branch or in any scheduled co-op Bank.
Resolution of Complaints: As per the section 91 of the Maharashtra Co-operative Societies Act of 1960, any dispute regarding the business activities of the society can be forwarded to any society member of surety of the member for resolution.
What the Act means for people involved?
Maharashtra Cooperative Housing Society Bye-Laws promote peaceful cohabitation among the members on the Cooperative Principles. The society bye laws ensure voluntary formation ensuring participation from all concerned. Maharashtra Cooperative Housing Society Bye-Laws also helps societies to initiate any redevelopment process as per the norms of the authority from structural audits to repair and renovation work along with day to day affairs of the society.
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