Model Bye–Laws of Cooperative Housing Society
VI. FUNDS, THEIR UTILISATION AND INVESTMENT
(F) Utilisation of the Funds by the Society (Bye Law No 14)
Bye Law No 14.
The Society may utilise its Funds in the manner indicated below :
Bye Law No 14(a) Utilisation of the Reserve Fund
Reserve Fund: The Reserve Fund of the Society may be utilised for the expenditure on repairs, maintenance and renewals of the Society's property.
Bye Law No 14(b) Utilisation of the Repairs and Maintenance Fund
Repairs and Maintenance Fund The Repairs and Maintenance Fund may be utilised for meeting the expenditure on maintenance of the Society's property and repairs and renewals thereof.
Bye Law No 14(c) Utilisation of Sinking Fund
Sinking Fund: On the resolution passed at the meeting of the general. Body of the 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 it / them or for carrying out such heavy repairs as maybe certified by the Architect and on approval of General Body.
Bye Law No 14(d) Utilisation of Education & Training Fund
The Education & Training Fund be utilized as provided under section 24(A) of the Act
Utilisation of all the Funds shall be with the specific prior approval of Society's General Body.
