How to calculate n collect funds from residents and shops for repair work of society bldg.
I C Naik
Your Society Was registered with bye-laws model 1984.
In these bye-laws there is bye-law No. 71(a) which lays down the basis of calling funds from members. For repairing funds fro members it says :
(iii) Expenses on repairs and maintenance of the building/buildings of the society :At the rate per square ft. of the carpet area of each flat fixed by the general body of the society at its meeting, subject to the minimum limit mention in the bye-law No.13 (a).
Bye-law No. 13 (a):
The society shall create and establish the following funds by collecting contributions from its members at the rates mentioned hereunder:
(a) The Repairs and Maintenance Fund, at the rate fixed at the meeting of the general body from time to time, subject to the minimum of ¾ per cent per annum of the value each flat for meeting expenses of normal recurring repairs.
The Management Committee must go by the above Rules.