Ownership of corpus funds in achs.
KABU
(Querist) 21 November 2013
This query is : Resolved
Dear Sir,
Please advise, who is the rightful owner of the corpus funds created out of members contribution in a CHS.and reflecting on the liabilities side in the balance sheet.
Please also clarify, can the members who have contributed more towards the corpus funds, when they bought the property from the builder claim to get some extra benefits in the maintenence charges, if the society is passing on credit of interest of this funds to the members.
Thanks for your opinion .
ajay sethi
(Expert) 22 November 2013
it belongs to the society . generally contribution to corpus is collected by builder at time of sale of flat . the objective being when society is formed it will be helpful to meet contingencies and place society in strong financial position .
the interest on corpus funds should not be distributed to members but accumulated and used for providing common amenities to members and for future up gradation in society . no extra benefits should be given to members who have paid more towards corpus funds
KABU
(Querist) 25 November 2013
Please advise, if the society bye-laws anywhere mentions the treatment of corpus funds .Please also advise, how do we establish the ownership of the corpus funds, that it belong to society and not to individuals.
