Building replacement fund of co-op Society
Rule 94 of the DCS Rules, 2007. Creation, maintenance, utilization of building and replacement fund- or “Building replacement fund of Co-Op Society”.
(1) 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.
( b) Building replacement fund; General Body shall fix the rate on area basis, periodically, which shall be payable annually to facilitate the co-operative housing society to replace its building in course of time due to ageing. The fund raised for this purpose shall be kept separately and its utilization shall be permissible based on structural audit of the building by registered architect with the approval of the general body. Any default in payment of demand for this purpose raised by the co-operative housing society shall be recoverable as arrears of land revenue through the Registrar.
Explanation “Building replacement fund of Co-Op Society” :-
(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 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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