Building Maintenance Fund of Society
Creation, maintenance, utilization of building and replacement fund
Rule 96(1) of the DCS Rules, 2007: Building Maintenance Fund of Society: Every co-operative housing society shall create and maintain corpus of funds, for building maintenance and for replacement of building separately, according to the necessity and requirement of the cooperative housing society. Funds for these funds shall be fixed annually by the general body as a part of the co-operative housing society’s annual budget.
(a) Building maintenance fund; This fund shall be utilized for meeting expenses of normal recurring nature essential for the safety and to increase life of the building. Demand raised by the committee shall be payable as per schedule and terms and conditions approved by the general body for this purpose by the member- or attorney or a person who has converted his property to freehold, as the case may be. On failure to pay the demand, the committee shall be competent to recover it as arrears of land revenue through the Registrar.
(i) In case of Co-operative house building society, amount of fund shall be based on the fact whether the services are being maintained by the co-operative house building society or have been transferred to the local body.
(ii) Co-operative Group Housing Society-
(a) The building maintenance fund shall be realizable from the date of handing over of the possession of the flats Or from the date of allotment to the members by the co-operative housing society.
(b) The building replacement fund shall be realizable after five years from the date of issue of permission to occupy flats or completion certificate, whichever is earlier.
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