Housing societies need a set of rules and regulations to run large or small.
However, they require bye
laws in place to register it. The in-laws are nothing, but the guidelines have
to be followed by the members of the society to ensure the proper functioning
of the community. In addition, with the help of bye-laws, issues can be
addressed in a timely and effective manner.
These are local /
private laws and are imposed immediately after the housing complex is
registered. These laws are mandatory and extremely useful as the day-to-day
functioning of the campus is monitored and the issues are resolved in no time.
The by-laws also cover
all monetary transactions conducted and received by the housing committee and
require members of the housing committee to show all monetary details during
the audit. It is here that it becomes difficult, especially for the Treasurers,
to keep a record of irrevocable liabilities. Well-known irrevocable dues
include loans and money spent to recover any cause or loss caused by
circumstances inevitable by the housing society.
Laws are different for
different societies as it also depends on the committee members which laws they
want to incorporate for the smooth functioning of their society. However, below
are the two main by-laws which we feel should be added to the by-laws of any
housing society for the committee so that its irrevocable arrears can be
written off smoothly.
Society By-Law No. 148
Under this law, fees
charged by society according to irreparable dues can be written off and members
are required to pay these expenses. As noted before these irrevocable
liabilities, some money for debts or other such accumulated losses may be spent
to recover the stuck. However, check whether classified as irrevocable arrears
as stated by the statutory auditor appointed under Section 81 of the Act.
Society By-Law No. 149
- By-laws can be written only when the general body of the society approves the same.
- If the society is indebted to a financial agency, the approval / approval of the agency is very important for such amounts.
- The third also requires the approval of the registration authority. However, if the Society is classified as A or B in its final audit, the bank's permission (if it is associated with any) or any such financial agency or registration authority is not required.
- By-laws are thus important for every housing society, not only for their proper functioning but also for registration and other legal processes. However, if you want to get an in-depth knowledge about these
