M-20 Bonds for Cooperative Housing Societies may be scrapped
M-20 Bonds for Cooperative Housing Societies may be scrapped M 20 Bonds meant for Managing Committee members of Co-operative Housing Societies may be scrapped soon – a move that will badly hurt the crores of ordinary cooperative housing society (CHS) members living in Maharashtra’s 85,000 societies, while bringing relief to members of managing committees, whose numbers are a mere fraction of these. This was indicated by the Co-operative Minister Harshvardan Patil, at the Housing Melava held in June this year. He said that the requirement for managing committees of CHS to compulsorily file M-20 Bonds within 45 days or face automatic dismissal may be removed. Also, provisions for appointing administrators nominated by the cooperatives department for replacing the expelled managing committees may be removed. And last but not least, new rules may be framed to make it easier for the managing committees of housing societies to expel members who were “troublemakers”. These remarks were ...