Apartment fixed deposit in personal name

No deposits should be in the personal names. All the 8 flat occupiers arrange a society. All deposits and expenses must be in the name of the society. The society to be registered under the society act in your state. The account has to be opened in the name of the society. 

Dear Rama Chary

                                  Thanks for the reply, but society can not be formed and its an apartment formed under apartment act.

with regards

s.v.sathe

Laws change considerably from State to State. Please advise in which State your apartment is situated.

Also please be clear. Do you mean one apartment in a building or a residential complex is owned by 8 persons or 8 apartments in a buiding are owned by one person each.

Dr.Mps Ramani ,I live in Maharashtra State.A bulildig is comprising with 8 apartments having different owners.The name of the building is Ganganiwas Apartment.

You are saying that you cannot form a society, because it is formed under the Apartments Act. Under which Act of Maharashtra are the apartments registered. It is necessary to be precise with words while discussing legal matters. You could not have formed a Co-operative Society under the Maharashtra Co-operative Societies Act, 1060 as the number of members is too small.

I do not think that you are registered as a Company. Any Act in Maharashtra pertaining to a group of apartments, must be referring to an Association or Society or by whatever other name and also to the byelaws of such Association. For instance the Maharashtra Apartment Ownership Act, 1970 refers to an "Association of Apartment Owners" and also the byelaws of the Association.

If you tell me under which Act of Maharashtra your apartments are registered, I can give you precise reply.

In any case the funds belonging to all the Apartment owners cannot be held in the name of a person. You have to create what is called an "Artificial Judicial Person".

What Mr. Rama Achary meant may be the Societis Registration Act. You can form an Association under the Act. But you will have to add the word "welfare" in the name of the Association. In fact such an Association can be formed even without registration. But whether with or without registration the Association will not have power to levy charges on members, as it is presumed to be a voluntary association of members.