Sinking fund
Roland Noronha
(Querist) 13 November 2012
This query is : Resolved
Our Society is 23 years old. We have carried our Structural Audit and are now going in for repairs and painting. We have 25 Lakhs in our Repair Fund. We need another 10 Lakhs to meet the entire cost without putting the burden on the members. We have 10 Lakhs + in our Sinking Fund. We have passed the resolution in the AGM to utilise this Sinking Fund. What is procedure. Do we need permission from the Registrar. Understand, we can now utilise this sinking fund money by passing resolution in the AGM - Please clarify. Thanks Roland
P.S:we have adopted latest model bye laws of 2009
V R SHROFF
(Expert) 13 November 2012
You need registrar's permission to utilize sinking fund.
ajay sethi
(Expert) 13 November 2012
has your society adopted latest model bye laws of 2009?
if you have not adopted latest bye laws then you need permission of Registrar for utilising sinking fund money
Roland Noronha
(Querist) 13 November 2012
Yes we have adopted latest model bye laws of 2009.
Raj Kumar Makkad
(Expert) 15 November 2012
After passing of a resolution, move its copy with application seeking permission to the registrar containing the compelling circumstances and obtain due permission.
