Bye-laws - English Version 3

Chapter VIII — Finance and Treasury

30. Sources of Funds

Membership fees, monthly maintenance, transfer fees, corpus fund from builder, fees for unsold flats, community facility fees, voluntary donations, and any other fee/charge levied on members/units.

31. Bank Account Operations

(i) Nationalized/scheduled bank account. (ii) Up to ₹5,000 by Treasurer alone; above that, cheque jointly signed by two of President/Secretary/Treasurer. (iii) Up to ₹20,000 by President's approval with subsequent Committee ratification. (iv) Above ₹20,000 needs prior Committee approval.

32. Investment Restrictions

Funds invested only in nationalized-bank savings/FDRs; no speculative investment. A separate Long Term Maintenance Fund covers major repairs/replacements (generators, buildings, water supply, lighting, etc.).

33. Maintenance Charges, Late Fees and Penal Interest

(i) Maintenance shall be charged quarterly in advance for the quarters commencing 1 January, 1 April, 1 July and 1 October each year, and shall be due within 15 days of the start of each quarter, as fixed by the General Body from time to time. Where a unit changes ownership or is first occupied partway through a quarter, the amount payable for that quarter shall be prorated for the number of days remaining in it. If a member fails to pay the quarterly maintenance within 30 days of the end of the quarter for which it is due, interest at the rate of 18% per annum shall be charged on the outstanding amount from the expiry of that 30-day period until payment, and the Management Committee may disconnect the defaulting member’s access to common facilities (including but not limited to the common toilets, the generator, the common water supply, and recreational common areas) until the outstanding dues, together with interest, are paid in full. Reconnection of any facility so disconnected shall be subject to payment of a reconnection charge of ₹3,000, in addition to the outstanding dues and interest. Common toilets, where provided for the use of security staff, drivers and visitors, shall be maintained from the common maintenance fund of the Society.; penal interest (e.g. 1.5%/month) on delay. (ii) Over 30 days due → temporary debarment from facilities and from voting/contesting. (iii) Full-year advance payment earns a 4% discount.

34. Income and Expenditure Accounts and Publications

(i) Annual accounts prepared and audited by 31 July. (ii) Audited statement sent to every member by 15 August and displayed at the Society office. (iii) Any member may inspect the accounts and related documents during office hours and, once available, through the members-only section of the Society’s website; copies shall be provided on request at reasonable cost.

35. Building Insurance

Mandatory annual Master Policy (Fire and Allied Perils, with earthquake/flood riders where possible) on structure and common areas, sized to reconstruction cost; funded through common maintenance, payable by all without exemption; at least 2–3 quotations obtained yearly; final selection by General House majority vote; policy documents kept at the Society office for member perusal. Individual home/interior insurance is separate, optional, and the Society's responsibility does not extend to it.