Other Funds

13. The Society shall create and establish the following funds by collecting contributions from its Members at the rates mentioned hereunder: (a) Repairs and Maintenance Fund: For meeting the expenditure on usual recurring repairs to the Society's building/property, at a rate not less than 0.75% per annum of the cost of construction of each flat as certified by the Architect at the time of construction of the building, as decided at the General Body Meeting. (b) Major Repairs Fund: For meeting the expenditure on major, extraordinary or special repairs to the Society's property, at a rate to be fixed by the General Body as and when required, on the basis of the carpet area of each flat. (c) Sinking Fund: For meeting the expenditure on reconstruction of the Society's building, at a rate to be fixed by the General Body, subject to the condition that such rate shall not be less than 0.25% per annum of the cost of construction of the building as certified by the Architect. (d) Education and Training Fund: By collecting from Members a contribution of Rs. 10/- per month per unit, or as decided by the General Body, for the purpose of Co-operative Education and Training under Section 24(A) of the Act.