As a society member you should know these things.
function of housing society
Housing Society is the membership based legal entity where members are stay together. This is a voluntary association for individual having common needs. The Society can be formed of one or more buildings. Members should buy the shares of the society and can be member of the same. There are many things in the society which peoples don’t know properly and this article will be help to explain the topic.
Formation of the society
Minimum 10 members are required to form a cooperative society but there is no limitation of the maximum number of the members. Once you have decided the members to form the society, you need to get register with the Registrar of the co-operatives. Formation of the society can be done after Registration and select the office bearers of the society by conducting the election.
Adoption of the Bye Laws
Byelaws are regulation governing the internal management of the housing society. Adoption of the Byelaws is essential to maintain uniformity and versatility in the housing society. Model Byelaws guide the Managing Committee of the housing society to run its affair smoothly and on right track. It gives proper guidelines for day to day functioning and keeps a transparency in the Management.
The Byelaws become applicable to the housing society only on the approval of the same by Registering Authority. However it’s responsibility of the housing society to get approval from them and act accordingly.
Operations management by Office Bearers
To carry out the day to day operations society is selecting some peoples from the active members. Chairman is the main person and the Secretary is supporting him to carry out the things. Treasurer is usually maintaining the financial things. Other committee members are helping them as per their interest to carry out the operations and maintain a smooth, safe and secure environment. Wonder is this committee is not getting any specific income to carry out these functions. As a social service they contribute and do this work.
Benefits to living in the Co-operative Society
Tax benefits
Housing societies are Safe and Secure environment to live where every member get verified before approve their membership. Illegal activities are not allowed in the society such cannot be control in other types of residential areas.
Living in a society is one of the assets which are giving tax benefits to the member.
Self Regulation
Cooperative Society is creating their Self Regulation to live in the society which is governed by members.
Common Object -
All members are having common object in the housing society i.e. to provide pure services and not run to earn any profit because this is not profitable business entity.
Equal distribution
Of the amenities and services and equal distribution of the maintenance amount.
Welfare, cooperation
There are no separate rules to anyone. All are same on this platform. Welfare, cooperation with each member is the priority without any self interest and competition.
Open membership for all
Kind of people irrespective of caste, gender, social and economic status.
Democratic Management
which is elected by the members on the basis one member – one vote.
Outside involvement (landlord) is being eliminated
and as a member of the society you can enjoy the benefits of the amenities as long you wish.
Self Regulation
Cooperative Society is creating their Self Regulation to live in the society which is governed by members.
Safe and Secure environment
Housing societies are Safe and Secure environment to live where every member get verified before approve their membership. Illegal activities are not allowed in the society such cannot be control in other types of residential areas.
Limitations of the cooperative society
Maintaining secrecy of the profit and loss
Cooperative society has to submit their accounts and audit reports to the Registrar therefore maintaining secrecy of the profit and loss is quite difficult.
Lack of interest
Members are having lack of interest to do social service and cooperative society requires time and some efforts to manage the day to day things. Thus some societies become inactive due to lack in interest.
Success of cooperative society
The success of cooperative society is depending upon their members, utmost trust to each other. Sometimes all members are not having trust on their office bearers it can be creating unnecessary dispute.
Office bearers are not getting appreciation
from the members many times as they expect this can be discourage then to take a leadership to manage the operations.
@ AMAZON
Our company is a collective of amazing people striving to build delightful learning experience.
YOUR WORDS
___________
