It’s time for audit! I am sure most of the societies are now busy with connecting / follow-up with their accountant to complete the accounting work of last financial year so as to schedule the annual audit for the last financial year. Before we discuss the some of the key points each society needs to Read more about Society Annual Audit & Reporting[…]
A Housing Society Building, however sound it may be, needs regular maintenance to keep it in healthy condition. However, awareness in this respect is lacking in the occupants, which is evident from the condition of buildings in Mumbai. Occupants who spend liberally for decoration of their premises do not show the same spirit when they Read more about Care and Precaution of Housing Society Building[…]
Great News for Cooperative Housing Society Members! Mysocietyclub now has UPI (paytm) available for collecting Maintenance bills and any dues payable by society members to the Housing Society. By using this the payment is directly made to the respective bank account. Watch our Online Payment Video Why Paytm? India’s No.1 wallet and payment app for Read more about Online Payment on Mysocietyclub is easy with Paytm now[…]
Housing Society collects the monthly maintenance expenses to ensure that they can manage the housing society works smoothly and to take care of their various common expenses like security, lift maintenance, house-keeping etc. All the members of housing society are expected to pay their maintenance bill on time as and when the same is raised Read more about Recovery Process of Housing Society over dues[…]
The basic objective of the Cooperative Housing Society is to create an environment of democracy, cooperation, equity and solidarity. However, the lack of awareness / knowledge of various rules, regulation, bye-laws and applicable society laws leads to many issues with the housing society. Realising the importance of such an important requirement, our legislator has made Read more about Education Funds in Housing Society[…]
We have dealt with the issue of “Nomination in Housing Society” in our previous blog and I am sure it must be of great help. However, a question remains unanswered is what should we do if there we do not have any nomination? The only answer to this is obtain “Probate” or “Succession Certificate” from Read more about Importance of Nomination in various Financial Investments & Savings[…]
Before we deal the subject of “Formation of the Cooperative Society” for which you are require to follow certain set rules or guidelines step-by-step, it is important for all to understand the nature and importance / advantage of forming a society. The defining characteristic of a cooperative is that it is a business owned and Read more about Formation of Cooperative Housing Society[…]
Recently Hindustan Times (31st August’2018) reported that three Managing Committee members of Rahat Plaza, Sion were suspended for having more than two children in accordance with the section 73 CA of Maharashtra Cooperative Societies Act, 1960. Wondering why such “Dis-qualification” is not there to become the Member of Parliament? Why there is no amendment in Read more about Housing society in Mumbai’s Sion suspends managing committee members with more than two kids – Is this constitutional?[…]
Many a times we have seen that Managing committee fails in legal compliance not because of time but just due to less awareness on the various compliance required by law. The recent changes (yet to receive consent from Governor of Maharashtra) in Maharashtra Cooperative Society Act, proposed a Fine of 25000/- (Rupees Twenty-Five Thousand) in Read more about Legal Compliance Framework – Cooperative Housing Society[…]
Election Process Exemption for Cooperative Housing Societies from the tedious process of approaching election authorities! Maharashtra State Cabinet finally exempts those with fewer than 100 members from the ‘tedious’ process of informing the Maharashtra State Cooperative Election Authority 3 months in advance and conducting the election under the supervision of cooperative society election authority. Following which Read more about Election Process Exemption for Cooperative Housing Societies[…]