Francis Dias
I am a member of society in Mumbai and have two queries:
1.I pay the society bills once a year in July including the amounts till Sept. of the year. Is it okay to pay in this way which has been accepted by my society for the past many years or should I pay it once a quarter?
2.The Share Certificate issued by the Society recently has signatures of ‘Secretary’ who was appointed for a year after the earlier secretary quit and that of a committee member, as the Chairman is a defaulter and the Treasurer is also new. When asked the secretary mentioned that the advocate with the society asked him to go ahead. Is the certificate valid? I ask this because the bye-laws state that the Chairman and the Secretary must sign on this document.
I C Naik
1.Bills must be paid before the last date prescribed under Bye Laws. Any delay is liable to interest at the rate fixed by the members in General Body Meeting which can not exceed 21% p.a not compoundable.
2.Share Certificate signed otherwise than what bye Laws require is not a valid paper but that does not invalidate the fact that you are a member of the Society.