Manage maintenance expense of apartment

Querist : Anonymous (Querist) 06 April 2010 This query is : Resolved
i have bought flat in apartment which possession likely to be come in wihin one month. query is that all flat holder of aparment want to know the easy way out to manage mantainance expense of building.for this we r plan to get 10000/- from each flat holder & put this amount in bank now question is that on whose name w have to open a bank account?
can we make society? or please let me know any other eay way to manage this multi owner funds?

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B K Raghavendra Rao (Expert) 06 April 2010
You have to create a society having owners/occupiers of the flats in the apartment as members. Bank account need to be opened in the name of the society and operated by its Secretary. You need to run the society as per Registration of Societies Act applicable to your state. Regular meetings need to be conducted and appropriate maintenance act to be carried out.