eqd Formate of Indemnity Bond M20
Tipsy
(Querist) 10 September 2009
This query is : Resolved
Can you please give Format of Indemnity Bond M20 to be filed by the mg.committee with Registrar of society on stamp paper of Rs 200/-
what is the detailed procedure that the commitee is required to adopt in the event of any such delayed execution of indemnity bond by the managing committee members of any housing society and also for the regulations on exemptions/condonation of delay if any available to individual societies.
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DATTA SOLANKAR
(Expert) 11 September 2009
"73(1AB) The members of the Committee shall be jointly and severally responsible for all the decisions taken by the committee during its term relating to the business of the society. The members of the committee shall be jointly and severally resp0onsible for all the acts and omissions detrimental to the interest of the society. Every such member shall execute a bond to that effect within fifteen days of his assuming the office, in the form as specified by the State Government by general or special order. The member who fails to execute such bond within the specified period shall be deemed to have vacated his office as a member of the Committee.ā€¯riven
Raj Kumar Makkad
(Expert) 13 September 2009
I want to add something to the advice of Datta that there are various pronouncements which provide exemption from the aforementioned clause subject to showing convincing reasons.riven
