What are the modalities to set up a housing cooperative society and what is the procedure for its registration? What documents are needed to set up the society? What are the benefits of having a membership in such society? Approval of the application for the society sets in the process for its registration. Members of the society, at a meeting, will elect the chief promoter to take care of the registration activity. Later, the meeting will adopt a resolution to initiate the process of registration of the society.
First and foremost, a suitable name should be selected for the society and it should be reserved. At least 10 members should sign the application and a fixed amount of fee should be paid to the registrar of societies. The office of the registrar ensures that none else would use the same name for the next three months. Later, the process to registration of the society’s application will begin. As per the Cooperative Societies Act of 1912, any society should add the term Limited at the end of its name. The members would pay their statutory membership fee to the society.
To run the financial transactions of the society, a bank account should be opened in the name of the society. Some amount should be credited into the bank account. After giving the necessary additional information sought by the registrar, the application would be subjected to thorough scrutiny. If all documents are in order, the registration would be successful. Then a certification to the effect of the incorporation of the society will be issued. The certificate gives the legal entity status to the society. In case the registration of the society is turned down, the applicant can appeal in the tribunal against the decision. But, the appeal should be made within a month of its rejection.
The documents needed for registration are as follows:
- Four copies of the application for the registration of the society should be submitted with 90 per cent of the promoters signing it.
- Documents indicating the financial aspect of the society, statements, and bank account details should be furnished.
- Information related to promoters of the society and its members should be given
- Bylaws copies to run the society should be furnished
- The Form-D should indicate the statement containing the financial transactions and bank account should be furnished.
- The receipt which is the proof of having paid the registration charges should be enclosed.
- Any other documents needed by the registrar like the title clearance certificate, non-agricultural land certificate, land ceiling act order application, approved layout details, title search certificate, approval document, certificate indicating the completion of construction, development agreement, landlord’s power of attorney, stamp duty, registration fees, certificate issued by architect and such other documents should be furnished.
What are the benefits of living in a housing society?
- Compared to the other houses, the housing societies sell houses at affordable prices. The customers can acquire property at low price and take the property on low rent.
- The cooperative housing societies work democratically. Each member can take part in its discussions and take part in voting on important issues.
- The development of the society is equally shared by members.
- The housing societies generate a community feeling. The residents can foster cordial ties among them. The atmosphere will be congenial.Amenities like parks, horticultural.
- The members of the cooperative society or the appointed board would run the activities of the society. The management committee takes care of administrative tasks and financial tasks and resolves the problems.
- The cooperative housing societies hold events and community gatherings celebrate festivals and conduct cultural activities. It encourages cultural exchange.
