Sinking Fund is not a new word in Co-operative Housing Society. Most of the members/managing committee members to make a suggestion to use such sinking fund for society related activities or debate its utilization/calculation without understanding its legal implication.
So lets’ understand how the word “Sinking Fund” is defined;
- As per Wikipedia “A sinking fund is a fund established by an economic entity by setting aside revenue over a period of time to fund a future capital expense or repayment of a long-term debt.”
- Merriam Webster defines Sinking fund as “a fund set up and accumulated by usually regular deposits for paying off the principal of a debt when it falls due”
In the context of Cooperative Housing Society, “Sinking Fund” provisions have been made under Bye-Law No. 13 (C) for reconstruction of the building when the existing building is not safe for human habitation since it is difficult for the Cooperative Housing Society (service & non-profit organization having no other source of income) to generate such a huge fund in short period of time.
This provision helps cooperative housing society to collect contribution towards this sinking fund from the society members on month on month basis and keep on accumulating year after year by long term investment in accordance with Bye Law No. 15 and directions given under section 70 of the Maharashtra Co-operative Housing Societies Act, 1960.
An outgoing member cannot ask for the reimbursement of his accumulated contribution towards the Sinking fund under any circumstance / pretext however the new buyer / member may request to know the accumulated contribution accrued against the account of the intended flat to be purchased. As and when the flat is sold or the membership is transferred this amount invariably gets automatically transferred to the buyer’s account.
Calculation of Sinking Fund Contribution:
In accordance with Bye Law No. 13 (C), the General Body can decide the Sinking Fund contribution, subject to the minimum of 0.25% per annum of the construction cost of each flat incurred during the construction of the building of the Society and certified by the Architect, excluding the proportionate cost of the land.
Most of the Cooperative Housing Society takes the decision on the Sinking Fund Contribution at the time of taking over from the builder / developer / inception, which remains constant for years together, while the construction cost of the flat keeps on increasing.
It is therefore suggested that the Managing Committee should conduct a valuation of the construction cost of each flat by a certified Architect once in 5 year and decide the revision in sinking fund contribution in General Body Meeting.
In case of an open plot type co-operative housing society (which has purchased or taken a place of land on lease and constructed building / buildings thereon) it is not difficult to work out the cost of construction of a flat only. Most of the Cooperative Housing Society faces difficulty in working out the cost of construction of a flat in certain cases, particularly the flat owner’s society in which flats are taken by purchasers under agreements under section 4 of the Maharashtra Owners Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act 1963. A builder/ promoter / developer sells the flats on different occasions to different purchasers with a different cost for the identical sizes flats and no difference in the type of construction and the amenities provided.
The price paid for a flat proportionate land also and further that the cost of construction of a flat is not on the basis of actuals. In the majority of cases, the actual price paid by a purchaser is more than that mentioned in the agreement. It would thus be wrong to recover contribution form members at the fixed rate towards the Sinking Fund on the basis of the value shown in the agreements. In most of the cases, the builder/developer may be most unwilling to give the actual cost of construction. We therefore suggest that Cooperative society should employ the agency of an architect or a valuer, appointed by the general body meeting of the construction of the building and apportion such cost amongst costs of a flat so arrived at may be taken as the basis for fixing the amount of contribution to the sinking fund in respect of the flat/shop/garage etc.
Utilization:
On the Resolution passed at the meeting of the general body of the Cooperative Housing Society, the Sinking Fund may be used by the society for reconstruction of its building/buildings or for carrying out such structural additions or alteration to the building/buildings, as in the opinion of the Society’s Architect, would be necessary to strengthen them or for carrying out such heavy repairs as may be certified by the Architect and on approval of General Body.
boniva 350mg with american express useful farther how long does it take boniva to get out of your system
Can an APRN work as an RN?
Order boniva Online No Prior Prescription – Click Here To Continue
generic boniva tabs
can you buy boniva in the us
online boniva overnight
purchase boniva columbus
generic boniva purchase mastercard california
boniva no prescription usa
where can you buy boniva in canada
boniva 500mg new zealand
boniva how to buy online pharmacy
generic boniva purchase now mastercard australia
cheap boniva where to buy shopping
boniva where to order mastercard australia
can i purchase cheap boniva pharmacy
boniva where do i buy store
buy boniva sale usa without script
cheap boniva 15mg online ireland
boniva 120 mg 84 capsules
purchase boniva order available mastercard
buy cheap boniva 2mg tablets online uk
order now online boniva shop
order boniva from canada
purchase generic boniva online shopping usa
buy boniva 1mg in mexico
purchase boniva mail order canada
buy drug boniva 2mg in uk
boniva cheap purchase online
buy generic boniva 10mg tablets online
boniva purchase payment california
prescription boniva
most common abused prescription drugs
do i have the flu quiz
belviq
Your Thursday Briefing. American charter boat skipper Ryan Bane 44 is being represented by lawyer David Cattie whose other clients include the woman accused of being Jeffrey Epsteins chief recruiter. Spread over the 231 square metre home isa luxury marble kitchen two resortstyle bathrooms a wraparound balcony and a wine cellar that was used to store documents during World War Two. Sportsmail looks at Southgates stars from the 50 Wembley triumph and asses their chances of making the cut for the European Championship this summer. Cadel Evans winning Tour de France Shane Warne at the 1993 Ashes Whats your favourite Aussie sporting moment of all time Take your pick from our top 10. Be patient West Hams David Moyes said when he signed the outoffavor forward from Manchester United in January Both are already reaping the rewards. March Madness in a Pandemic Photos Show Whats Missing.
where to buy nexium 350mg with prescription path Nine solian best place to buy usa novidat 200mg prescription for apply
Health eucardic prezzo laying eucardic buy pharmacy california
Purchase eucardic Without A Doctor Prescription – CLICK HERE
Many families choose our online drugstore. Be one of them! ORDER NOW
eucardic health otc side effects
100 mg of eucardic side effects
where to buy eucardic 50mg in hanoi
eucardic online next day
mail order cheapest eucardic shop otc
purchase generic eucardic 500mg online legitimate
eucardic 50mg online usa pharmacy
purchase eucardic 1.5mg in china
online drugstore mastercard eucardic
how to buy eucardic tablets usa
buy drug eucardic 37.5mg in china
money order cheap eucardic mastercard europe
where can i order eucardic tablets
can you buy eucardic without a prescription online
want to buy eucardic 2mg online in uk
cheapest eucardic order online store usa
can i order now eucardic australia
buy eucardic no prescription online
buy cheap eucardic 10mg online with mastercard
can i buy eucardic with out a prescription
buy 100mg eucardic
order eucardic online legally
what is eucardic 100mg
eucardic mail order online mastercard australia
buy now eucardic mastercard usa
buy eucardic 350mg with visa
price of medications at walgreens
natural remedies for post nasal drip
walmart dollar prescription
gpi coding
best over the counter for flu
The film opens with a young man sticking up a bank and then flashes back to the events told in a series of titled chapters that led up to that point. Jesse Lingard could be given new threeyear deal at Manchester United amid promising West Ham loan. The oil market can absorb a blocked Suez Canal for now. Desecrated by plunderers threatened by floodwaters and largely overshadowed by their Egyptian counterparts Sudans ancient archaeological sites may finally be poised to receive broader recognition. Barcelona star Ousmane Dembele is a massive Leeds United fan reveals Patrick Bamford. A marquee matchup between UConn and Iowa may get the most attention but the table is set for upsets in other games. The site on Matalascanas beach in Spain sits between Huelva and Cadiz and is where the ancestors of modern humans would drink hunt search for seafood and play in the water. Rosalynne Montoya who uses the pronouns sheher or theythem was flying from Phoenix to Los Angeles when she was stopped at TSA security.
Deal want to buy zerit 37.5mg online legally from canada Trust lamictal 200mg prescription instructions sifrol 15mg prescription uk bit
Hear marevan 37.5mg prescription guidelines trials order cheapest marevan mastercard otc
The contents of generic pills are absolutely the same as in the branded versions.
We are committed to ensuring the safety of your purchase, as well as your personal details and we want our customers to feel safe before, during and after their online transaction.
Order marevan Online No Prior Prescription – Click Here To Continue
purchase generic marevan shopping florida
marevan in united states
want to buy marevan 350mg in houston
buy marevan with a prescription online
cheapest generic marevan 350mg in mexico
online buy marevan
where to buy marevan 5mg online with visa
purchase now marevan visa uk
buy marevan 37.5mg online with paypal
cheap marevan 50mg in london
buy now cheap marevan pharmacy uk
where to order marevan visa florida
marevan 1.5mg usa pharmacy
marevan purchase now online mastercard uk
buy marevan direct
marevan folate
marevan dosage for lyme disease
purchase marevan 1.5mg mastercard
cheapest marevan can i purchase visa
marevan where do i buy florida
generic marevan tablet
mail order marevan pharmacy otc
where can i buy real marevan
marevan requirements
can i purchase generic marevan shopping
marevan available europe money order
cheap marevan supplier review
can i buy marevan shopping otc
international prescriptions online
medicare otc catalog
British firm develops ultraquiet bioelectric hybrid aircraft. As geography and sociology students go Stephen Jackley was far from typical. In common with other newspapers an article on 11 February reported official Department of Work and Pensions figures which suggested that 68 per cent of incapacity claimants were receiving benefits despite being fit for work While 29 per cent were found fit for work straight away the other 39 per cent were assessed as being unable to work now but able to work in the foreseeable future We are happy to clarify the position. Office romance lifts us out of a slump. A New York Courtship. Should We Block the Sun Scientists Say the Time Has Come to Study It. Mbappe spent nine years at local side AS Bondy and impressed in four years at Monaco before becoming the secondmost expensive player of all time when he moved to the French giants in 2017. Mr Summers the former Treasury secretary and other economists say 19 trillion more in pandemic relief might overdo it The Federal Reserves vice chair and a regional president disagreed.
http://www.mafrainfissi.com/index.php/forum/more-about-the-kunena/1994-purchase-generic-dexamethasone-available-canada-online-seven#1998 http://dzcpdemos.gamer-templates.de/dzcpv1554demo13/forum/?action=showthread&id=18&page=195#p1948 http://www.reo14.moe.go.th/phpBB3/viewtopic.php?f=6&t=721060 http://uzywki.zt24.eu/?page_id=2&unapproved=43096&moderation-hash=047d211807d1966b7863e16457495ecf#comment-43096