Co-op housing society

hi,

It is true that the managing committee members are required to file an INDEMNITY BOND within a certain period (45 days according to my knowledge) of taking office.

if they fail do so then all their decisions can be termed as invalid or illegal.

I'm not a lawyers, so keep this in mind.

Regards

Any act stipulates for such indemnity? The cooperative societies act does not prescribes such arrangement.

The said bond is being scrapped shortly for co-op.housing societies in Maharashtra.

The recent Mantralaya fire may delay it but it is being scrapped.

Yes, its true that it is being scrapped but will be w.e.f xxx , hence, any act prior to that without bond can be challenged. 

Sir,

I want to know whether a co-op Hsg Soc Managing committee has not filed indeminity bond and their AGM elected them again and again . in absence of Indeminity Bond what action can be taken apart from appointing Administrator and what are the limits of Administrator

in absence of Indeminity Bond whether Administrator after enquiry can punish ex secretary who has committed some mismanagement

It is not a compulsion for submitting the Bond M20 to registrar, but society has to keep same in thier records ready. signed in respective dates.  Any committee / election without signing M20 is not valid (if M20 not done in 45 days). Administrator can be appointed if society approaches for same to registrar. It will be for 3 year initially expense will be beared by society. no idea about charges involved.