Gopal Shetty
In an earlier order in September, 2012, Maharashtra governent had done away with the requirement of M-20 Bond for the managing committee members.
Now I read from newsapapers that Co-operation department has issued a circular disqualifying/banning managing committee members to be in the new managing committee if they had not filed M-20 indemnity Bond when they were part of the committee before September 2012.
Is it true, if so would you kindly let me have a copy or date and number of circular.
I C Naik
M20 Bond appeared on www.indiancoopertaive.com more than once. This very point has been covered on 4 12 2013 under the following tag.
From States
Tags | CHS, cooperative minister, M Bond ghost, maharashtra
I could not lay my hands on the circular may be because it did not change the legal position when it was issued. Except for waste of time it did nothing good.
The M20 Bond had till 6 9 2012 (for cooperative housing societies) and till 14 2 2013 (for the rest of the cooperative societies) a nuisance value for the newly elected members of the Committee in that a failure to execute it coupled followed by failure to communicate the fact of such execution automatically resulted in the concerned member vac member vacating the seat of the managing committee.
The Circular did not do anything more than communicating this fact.
Yes it did create avoid avoidable confusion as if such defaulter has invited disqualification to become a member of the managing committee. This is not true. M20 Bond is a history.
The legal position as per Section 73 (1AB) continues to be the same namely that “The members of the committee shall be jointly and severally responsible for all the decisions taken by the committee during its term relating to the business of the society. The members of the committee shall be jointly and severally responsible for all the acts and omissions detrimental to the interest of the society.”
