Stay updated with breaking news from Under Bye Law. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
It is no secret that corruption runs rampant where power is centralised. In the case of cooperative housing societies (CHS'), certain dishonest members or office bearers sometimes embezzle funds for personal use, or they may abuse their position and power to favour some members of the Society.
When a cooperative housing society (CHS) opts for structural repairs or external repainting of their building, they can choose to utilise the funds collected under the repair fund in the monthly maintenance bill. However, if the expenses are estimated to be higher than the accumulated repair funds, the Society is permitted to divide the additional charges proportional to the area of each flat.
Cooperative housing society (CHS) bylaws have provisions for a 'sinking fund' to be utilised when structural or major repairs are needed. When a reconstruction or alteration, heavy repairs or structural additions need to be carried out, the money set aside in the sinking fund is used.