Professional Documents
Culture Documents
Lions College of
Commerce &
Economics
Subject: -
Cooperatives & Rural Markets
Project on: -
Housing Co-operative
Societies
By: -
Dishank Khandelwal
Of: -
S.Y.BMS (A)
Roll No.: -
56
Submitted to: -
Miss Shakuntala
INDEX
SR.
NO. CONTENTS
01 CO-OPERATIVE SOCIETIES
MANAGEMENT OF CO-OPERATIVE
06
SOCIETIES
09 BIBLIOGRAPHY
Declaration
Place:
Date:
Signature of Principal
Seen By:-
Internal Examiner:
Signature:
Date:
External Examiner:
Signature:
Date:
ACKNOWLEDGEMENT
Dishank Khandelwal
CO-OPERATIVE SOCIETIES
OR
a. Tenant Ownership.
b. Tenant Co-partnership.
c. Builder Co-operative.
d. Ownership cooperative.
The prime necessities of human beings are food, clothing and shelter
and housing cooperative is an essential for human existence as much food
and clothing. Housing is a significant subject having a concern with a
common man. One of the important problems faced by India is the housing
problem. The reasons are varied, like tremendous growth in population,
migration from rural to urban areas. Highly speculative trend in the cost of
land, weakening of joint family system thus creating a requirement of a
separate house for each family unit etc.
Mumbai is the 3rd largest density populated city in the world and the
prices of the land and construction is becoming unaffordable to the
common man. They also say that man is a social animal and is incomplete
without a social fabric. A person’s lifestyle, his culture, his social status all
are determined on where he stays.
Definition of Housing Co-operatives
"Co-operative housing society" means a society of persons-
(b) which has under its rules a share capital divided into equal
shares of one or more classes and not being preferential shares; and
OR
# First level:
# Second level:
# Third level:
⇒ He has fulfilled all other conditions laid down in the Act, the Rules
and the Bye-laws;
⇒ The final authority of the Society vests in the General Body of the
Society comprising of all the members.
⇒ Every Society shall call Annual General Meeting within a period of
three months after the date fixed for completing or drawing up of its
accounts for the year.
⇒ At every Annual General meeting, the Managing Committee shall
lay a statement of loans given to the members of the Managing
Committee and their family members, Income and Expenditure
Account, Balance Sheet, a Report by the Managing Committee
regarding the Society’s affairs.
Failure to call for this meeting may attract penalty for the Managing
Committee.
(b) Where his shares are forfeited in accordance with the rules of the
society;
(e) On death:
Provided that the estate of the deceased person shall remain liable
and his executor or administrator shall be and may be registered as
the holder of the shares as such executor or administrator (whether
eligible to be a member of the society or not) until some eligible
person is registered as the holder of the shares by transfer from the
executor or administrator or until the shares are withdrawn or
discharged in accordance with this Act and the rules of the society,
and while any such executor or administrator is so registered he
shall be deemed to be and shall have the rights and obligations of a
member of the society for all purposes other than voting at
meetings of the society and becoming a director thereof;
(h) Where the value of his shares is repaid or a refund in respect of his
subscriptions is made to him in accordance with the rules of the
society.
5.) Where a person becomes the trustee within the meaning of the
Commonwealth Act known as the Bankruptcy Act 1966 as amended
from time to time of the estate of a member or deceased member the
trustee may be registered as the holder of the shares of the member as
such trustee (whether eligible to be a member of the society or not)
until some eligible person is registered as the holder of the shares by
transfer from the trustee or until the shares are withdrawn or discharged
in accordance with the provisions of this Act and the rules of the
society and while the trustee is so registered he shall be deemed to be
and shall have the rights and obligations of a member of the society for
all purposes other than voting at meetings of the society and becoming
a director thereof.
Rights and Duties of the Members of Society
Rights:-
The right, title and interest in a plot of land or dwelling unit in a building
of the co-operative housing society (including the undivided interest in
common areas and facilities) shall constitute a heritable and transferable
immovable property. However, such land or building shall not be
partitioned for any purpose whatsoever.
A member has right to attend all the meetings of the society and vote
thereat.
Duties:-
The rights of members underline the duties of the housing society. The
society should not discriminate between members and should not place
unlawful restrictions on them. Besides this, the society should be prompt in
attending to the complaints and grievances of the members as to provision
of services.
Liabilities of Members of Co-operative Society
1.) A member shall be liable to the society for the amount, if any,
unpaid on the shares held by him, together with any charges and other
moneys payable by him to the society as prescribed by this Act or the
rules of the society.
⇒ To provide tenants with suitable housing, and other duties as laid out in
⇒ The tenancy agreement/license.
⇒ To conduct business in a fit & proper manner.
⇒ To keep accurate records & accounts of the business of the co-
operative.
⇒ No funds shall be divided among its members, other than the net profits
earned by the Society.
⇒ All the other Societies also have to get their accounts audited by a
Certified Auditor once in every co-operative year.
⇒ The Registrar can inspect the working of the Society on his own or on
application of its creditors.
⇒ The Registrar can commission an inquiry into the affairs of the Society
on the basis of the audit report or an inspection report. He can appoint
an Inquiry Officer and conduct an inquiry through him.
⇒ The Registrar can order for compensation, if it is found that any person
has misapplied or retained any property, or money of the Society, or has
caused breach of trust.
PROBLEMS OF HOUSING
SOCIETY
In Asia, the rate of urban growth has led to an increase in the construction
activities and real estate which is as high as 42% of GDP as compared
to12% in Australia. As of December 2002, there were approximately 710
million homeless people in India. And at the end of 8th 5 year plan there
will be a housing shortage or 3.5 crores houses. This is also because of
tremendous growth in population and contribution of joint family making
requirement of separate houses for each nuclear family.
In the busy city like Mumbai, both husband and wife is working having a
very hectic work schedule. They are already under pressure of managing
there households and careers. They do not have time to socialize and
neither contributes proactively for the development of housing cooperative.
Bye-laws:-
Financial assistance:-
Tax concessions:-
Management of Co-operatives
- Romeo S. Mascarenhas
(Vipul Prakashan)
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