SAHAKARSUTRA

Following are some of the important changes done in the MCS Act, 1960 and also in the Model Bye-laws of Cooperative Housing societies. Condition for membership- Applicant to take 10 shares of Rs.50 each as against 5 shares. Bye law No.22 on rights of membership talks about the right to receive the notice of demand from society if there is increase in minimum contribution of member in share capital. Classification of Active and Non-Active members. Associate member definition- ownership in the property individually or jointly with others is must and whose name does not stand first in the share certificate. Co-operative .Education and training to members, committee members ,officers and employees.  Education and Training fund of Rs.10 per member per month to be collected as against Rs.3 per member per annum.  Sinking fund can be utilised by the society and no permission of the Registrar is needed-Gen...

*Legal heir or nominee*: *Who will inherit your assets?* *Is it enough to appoint nominees for your assets or do you still need to make a will?* *Is it enough to appoint nominees for your assets or do you still need to make a will?* “The moment you make your first asset, you should do a nomination so that upon your death somebody receives that asset and it doesn’t get into regulatory requirements. But you have to have a will because based on the will, your assets will be distributed,” he explains. According to law, a nominee is a trustee and not the owner of the assets. In other words, he is only a caretaker of your assets. The nominee will only hold your asset as a trustee and will be legally bound to transfer it to the legal heirs. For most investments, a legal heir is entitled to the assets of the deceased. A legal heir will be the one whose is mentioned in the will. However, if a will is not made, then the legal heirs of the assets are decided according to the succession ...

📌*15 things you should know about Model GST Law* On June 14, 2016 the Finance Ministry has released the *'Model GST Law'*. It outlines the structure of the GST regime. Further, the draft of 'Integrated GST Bill, 2016' is also released along with such Model GST laws. It also provides the framework for levy and collection of CGST and SGST. "CGST" is the tax levied under the Central Goods and Services Tax Bill, 2016. "IGST" is the tax levied under the Integrated Goods and Services Tax Bill, 2016. *Key takeaways from Model GST law are given hereunder:* *1) Threshold limit for registration* The dealer is required to take registration under this law if his aggregate turnover in a financial year exceeds Rs.9 lakhs. However, dealers conducting business in any North Eastern State are required to take registration if their turnover exceeds Rs.4 lakhs. *2) Place of registration* The dealer has to take registration in the State from where taxable go...

In a lot many Housing Societies of Maharashtra, you can find many simmering tensions or open confrontation between members and the Managing Committee. Hence, there is always a question that occurs at least once in the minds of its members, about the grounds to remove a Managing Committee member or in other words, he ponders on grounds on which the Managing Committee Member can be disqualified. The grounds of disqualification or removal by competent authority is mentioned in certain sections of the MCS Act, 1960 & certain clauses in the Model Bye-laws of the Housing Society. Please find the same mentioned below… THE MAHARASHTRA CO-OPERATIVE SOCIETIES ACT, 1960 Section 78 – Power of removal of committee or member, thereof 78.1 [Power of removal of committee o member, thereof] (1) If, in the opinion of the Registrar, the committee of any society or any member of such committee makes default, or is negligent in the performance of the duties imposed on it o...

📢 *Latest Due dates for Co-Op society audits:*📢 1. *Finalisation of accts*-  15th May 2. *Accounts to be handed over fr Audit* -1st June 3. *Audit Completion*:31st July 4. *Audit Report Upload* - 31st Aug or 15th Sept. 5. *AGM Date*- 30th Sept. 6. *Mandatiry Annual Return by Society* - by 30th Sept. 7. *Mandatory Return by society About Auditor appointment* - one month from AGM or 31st Oct. 8. *Online Audit order generation by auditor* - 31st Oct. 9. *Audit Rectification Report by Society*: 3 months from the date of submission of report by auditor. 10. *Rectification report upload by Auditor thru Audit login*: Once received from society

Dear Saketians, Important information: The latest amendments to the Model Byelaws of Society have given the Managing Committee more teeth to deal with erring members. Byelaw no. 170(a) states: All open /common spaces meant for use of all members e.g. Staircase, steps, landing areas, parking areas, lift, corridors and such other spaces, cannot be occupied by any member for his own use. The use of such areas shall be restricted to the cause for which these are meant. Any member found to be violating the above condition by encroachment shall have to vacate the encroachment and further he/she shall have to pay a penalty equal to 5 times the monthly maintenance charges per month for the period for which he has encroached such spaces. Members must not carry out any construction, structural changes over and above the sanctioned plan with out prior permission of the society and the concerned Municipal authorities. Also they must not use their flat for any other purpose than what has ...

Appointment of Auditor Section 75(2A) lays down that every society shall, (a) Appoint an auditor or auditing firm from a panel approved by the State Government in this behalf in its annual general body meeting having such minimum qualifications and experience as laid down in Section 81 of the Act, for the current financial year and (b) Shall also file in the form of return to the Registrar, the name of the auditor appointed and his written consent for auditing the accounts of the society within a period of thirty days from the date of Annual General Body Meeting. (c) It is further provided that the same auditor shall not be appointed for more than three consecutive years by the Annual General Body Meeting of the same society. (d) It is further provided that no auditor shall accept audit of more than twenty societies for audit in a financial year excluding societies having paid up share capital of less than rupees one lakh. 5. Provision regarding the Audit Se...