Tuesday, 6 November 2018

Amend the Maharashtra Cooperative Societies Act of 1960, dated 30th October 2018

An Ordinance to amend the Maharashtra Cooperative Societies Act of 1960, dated 30th October 2018 with immediate effect
Salient features of New Housing Chapter in MCS Act 1960.
1. Elections to the housing societies fir less than 200 members to be conducted internally by the society .
2. Concept of new members like Joint and provisional members introduced
3. Concept of Coop Hsg Association introduced to facilitate the formation of association of less than 5 societies for conveyance or Deemed conveyance matters .
4. Penaltyof Rs.25000 on Management committee introduced for not allowing inspections of documents u/s 32.
5.Scope of Sec.32 in inspection of documents widened .
6.Role of Housing federations widened .
7. HUF is specially included as person in the definition which was not included earlier .
8. Defaulter is specifically defined now in the Act itself.

Monday, 29 October 2018

Right to fill the nominal vacancies in the Managing Committee. Commissioner of the State co operative Election Authority, Madhukar Chaudhary

व्यवस्थापक समितीला नैमत्तिक रिक्त पदे भरण्याचा अधिकार, रा.स.नि. प्राधिकरणाचे आयुक्त मधुकर चौधरी

Thursday, 26 July 2018

Skip General Body, lose Housing society rights

Habitual absentees to be tagged ‘inactive’, may lose right to vote

Housing society members, who are habitually absent from society meetings, maybe in for some bad news even as the government prepares to curb the fundamental rights of these flat owners.

In a recent order by the state commissioner for cooperation and registrar of cooperative societies issued to all the divisional and district deputy registrar of cooperative housing societies asking for such habitually absent members as ‘inactive’. The order says that any member, who continues to skip the general body meetings for five consecutive years, will also lose the right to cast his vote during society elections as well as the right to contest the election.

The order is an outcome of a recent amendment in section 26 of the Maharashtra Co-operative Societies Act, 1960.

Cooperation commissioner Vijay Zade, in his order, says, “It is mandatory to attend at least one general body meeting as per the section (2) of the Act. During these five years the members must have communication at least once in any form with the society. Absence of both the conditions will compel the society’s management committee to declare such member as ‘inactive’.”

Zade’s order also states, “Following the declaration of a member as ‘inactive’, if he or she remains absent for another five years, it will invite the termination of his/her membership. A period of 60 days will be granted to submit the appeal.”

“The name of such members will be dropped from the voters’ list and he/she will also be disqualified from contesting the election of the management committee. The management committee will have to maintain separate records of such inactive members. The list also needs to be sent to the department of cooperation,” the order adds.

State cooperative election authority (SCEA) commissioner Madhukar Chaudhari confirmed the development and said, “Through the order by the commissioner of cooperation, the rule will be implemented across the state. This will help reduce the practice of avoiding meetings. This order will help increase active participation of the members to maintain democracy in the housings societies.”

Chaudhari, however, clarified that a member can have exemptions from attending the meeting by taking prior permission from the management committee.

Talking to Pune Mirror, advocate Sachin Hinganekar, joint executive president of Pune Divisional Federation of Co-operative Housing Societies, said, “This is indeed a great decision. This will certainly help to avoid monopoly in the housing societies, participation in greater numbers will help to take collective decisions. Just buying a property will not serve the cause.”

Wednesday, 31 January 2018

Diesel Generator Registrations Forms

Every Housing Society having Diesel Generator (DG) has to register there DG with Electrical Inspector , Public Works Department of there area. 

Society has to maintain the log book in which after every 15 days write no of Unit generated due to  use of DG. Every year DG inspection has to be done like Lift inspection by PWD Electrical Inspector 

Following is the per unit charges to be paid by Society 

From 01/06/2008 to 31/05/2013  No charges for DG Unit. 

From 01/06/2013 to 31/03/2015  Rs. 0.30 /-Paise per unit. 

From 01/04/2015 to Till date     Rs. 1.20  Per unit 

Following is the DG  registration form 

Saturday, 25 November 2017

Now CHS can invest in Debt or Equity Mutual Fund

As amendment of the antiquated Indian Trust Act 1882 by Government of India.  Now CHS can invest in Debt or Equity Mutual Fund 

MCS ACT 1960  Sec. 70. Investment of funds.- A society shall invest or deposit its funds in one or more of the following:-
(a) in a Central Bank or the State Co-operative Bank;
(b) in any of the securities specified in section 20 of the Indian Trusts Act, 1882;
(c) in the shares, or security bonds, or debentures, issued by any other society with limited liability and having the same classification to which it belongs:

Provided that, no society shall invest more than such proportion of its paid up share capital as may be prescribed:

Provided further that, the provisions of this clause shall not apply to any investment made by any agricultural credit society in any processing society based on agricultural produce.

(d) in any co-operative bank (other than those referred to in clause (a) of this section) or banking company, approved for this purpose by the Registrar, and on such conditions as the Registrar may from time to time impose;
(e) in any other permitted by the rules, or by general or special order of the State Government.

Section - 20, Indian Trusts Act, 1882

Investment of trust-money.
20. Where the trust-property consists of money and cannot be applied immediately or at an early date to the purposes of the trust, the trustee shall, subject to any direction contained in the instrument of trust, 2[make investments as expressly authorised by the instrument of trust or in any of the securities or class of securities] as specified by the Central Government, by notification in the Official Gazette :
Provided that where there is a person competent to contract and entitled in possession to receive the income of the trust-property for his life, or for any greater estate, no investment 3[***] shall be made without his consent in writing.
Explanation.—For the purposes of this section, the expression "securities" shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956.]

Specified securities for investment by Trust u/s 20 of Indian Trust Act 1882

Section 20 of the Indian Trusts Act, 1882 deals with the Investment of trust-money. As per the said section, where the trust-property consists of money and cannot be applied immediately or at an early date to the purposes of the trust, the trustee is bound (subject to any direction contained in the instrument of trust) to invest the money on the specified securities only.

The Finance Ministry by notification has specified the following securities for the purposes of the section 20 as above.

(Department of Economic Affairs) 

New Delhi, the 21st April, 2017

S.O. 1267(E).—In pursuance of section 20 of the Indian Trusts Act, 1882 (2 of 1882), the Central Government hereby specifies the following securities for the purposes of the said section, namely:—

(a) Government securities; 

(b) securities, the principal whereof and the interest whereon is fully and unconditionally guaranteed by the Central Government or any State Government; 

(c) units of debt mutual funds regulated by the Securities and Exchange Board of India established by section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);

(d) listed (or proposed to be listed on exchanges in case of fresh issue) debt securities issued by any body corporate, including a bank and a public financial institution as defined in clause (72) of Section 2 of the Companies Act, 2013 (18 of 2013), which have a minimum residual maturity period of three years from the date of investment; 

(e) Basel III Tier-I bonds issued by a scheduled commercial bank under guidelines issued by the Reserve Bank of India, which are either listed or are proposed to be listed on an exchange; 

(f) the infrastructure related debt instruments listed or proposed to be listed in case of fresh issue:—

(i) debt securities issued by a body corporate engaged mainly in the business of development or operation and maintenance of infrastructure, or development, construction or finance of low cost housing; 

(ii) securities issued by an infrastructure debt fund operating as a non-banking financial company and regulated by the Reserve Bank of India;

(iii) units issued by an infrastructure Debt Fund operating as a Mutual Fund and regulated by the Securities and Exchange Board of India;

(g) shares of body corporates listed on any recognised stock exchange which has a market capitalisation of not less than five thousand crore rupees as on the date of investment; 

(h) units of mutual funds regulated by the Securities and Exchange Board of India, which have minimum sixty-five per cent of their investment in shares of body corporates listed on a recognised stock exchanges;

(i) exchange traded funds or index funds regulated by the Securities and Exchange Board of India which replicate the portfolio of the Bombay Stock Exchange Sensex Index or the National Stock Exchange Nifty Index, or those constructed specifically for disinvestment of shareholding of the Government of India in a body corporate:

Provided that the investment under clauses (d), (e) and (f) shall be made only in such securities which have minimum AA rating or equivalent in the applicable rating scale from at least two credit rating agencies registered with the Securities and Exchange Board of India under the Securities and Exchange Board of India (Credit Rating Agency) Regulations, 1999:

Provided further that in case of investment under sub-clause (ii) of clause (f), the ratings shall relate to the non-banking financial company and for that sub-clause, the ratings shall relate to the investment in eligible securities rated above investment grade of the scheme of the fund:

Provided also that if the securities or entities have been rated by more than two rating agencies, the two lowest of all the ratings shall be considered
[F. No. 6/5/CM/2002-Vol.V]