Responsibilities Of Provisional Managing Committee

v           

Raising of Funds, their Utilization and Investment

(i)  During the course of its work, the society will be required to raise funds required for the conduct of its business. The various modes of raising funds are given under Bye-law No.7. the funds required to be constituted by the society are given under Bye-law Nos.12 and 13. the provisional managing committee has also to see that the funds referred to in the two Bye-laws are created and mainted accordingly.

(ii) Bye-law No.14 gives guidelines about the utilization of the funds.

       (a)All members be issued Share Certificates as per Appendix 1 and as detailed in      Bye-laws No.9&10 (for all types of society).

       (b)All members be issued Letter of Allotment as per Appendix 12 and in details in Bye-laws No.24&76(a). (For open plot society)

(iii)             A Society has to invest surplus fund in the manner mentioned in Section 70 of    Maharashtra Co-operative Societies Act, 1960. A society has to invest its funds in the Maharashtra State Co-operative Bank or the District Central Co-op. Bank.

    

         In case a society finds any difficulty or inconvenience in operating an account in any of these two banks it can request the Registering Authority to allow it to open an account with any other commercial Bank. The society should pass a resolution in Managing Committee bringing out the difficulty or inconvenience caused in operating the account in any of the two banks accepted according to the Bye-laws. It may be noted that the funds of the society term basis (F.D.R.), must be in any of the bank, two banks mentioned above.

(iv)             The provisional managing committee will be required to handle matters connected with

(a)    admission of persons including nominees, heirs, to membership,

(b)   resignations of members, including associate and nominal members,

(c)    nominations by members,

(d)   transfers of shares and interest of members in their flats including exchange of flats,

(e)    sub-letting of flats, maintenance of flats by members,

(f)    levy of charges of the society,

(g)   Allotment of parking places etc.

                     All matters, which are brought to the meetings of the managing committee, should be carefully scrutinized and decided upon in the light of the provisions made in the Bye-laws.

(v)   Finalisation of Accounts

       

(a)    the provisional managing committee will then be concerned with the finalisation of accounts for the preceding Co-operative year, filing the statements of accounts with the auditor and holding of the first annual general body meeting. It has to be noted that the society has to finalise its accounts for the preceding Co-operative year before 15^th May every year and file copies thereof with the auditor who audited the accounts of the society within a fortnight of the date of finalisation of the accounts or 1^st June, whichever is earlier.

  

(vi) Holding a Annual General Meeting

              A model notice and agenda of an annual general body meeting is given in Annexure-27(A). Care has to be taken to see that the annual general body meeting is held on or before 14^th August. In case the provisional managing committee finds it difficult to file the statements of accounts or hold the annual general body meeting before the stipulated date, the Committee must pass a resolution containing the reason for delay beyond the stipulated date. It has to be noted that the Registering Authority can grant extension of time for holding the annual general meeting up to 14^th November only. If the annual general body meeting is not held on or before the extended time or 14^th November, the provisional managing committee has no authority to convene such a meeting thereafter. The Registering Authority will call and conduct the annual general body meeting in such a circumstance.