Creation of Other Funds

In accordance with the provisions of the Act and the Rules, the Society shall create and maintain such funds as are prescribed and may create such other funds as may be decided by the General Body.

Subject to the approval of the General Body, the Society may establish and maintain the following funds, and shall maintain the Corpus Fund, namely:—

(a) The Society shall establish a Sinking Fund. The Sinking Fund shall consist of contributions collected from its Members at a rate determined in the General Body Meeting, subject to a minimum of 0.25 per cent per annum of the construction cost of each flat, incurred during the building's construction and certified by the Architect. The amount so collected shall form part of the Sinking Fund of the Society and shall be separately accounted for. The Sinking Fund shall be utilised for heavy repairs, structural repairs, replacement of major assets, and such other capital expenditure relating to the buildings or property of the Society, as approved by the General Body.

(b) The Society shall establish a Repair and Maintenance Fund. The Repair and Maintenance Fund shall consist of contributions collected from its Members at a rate fixed in the General Body Meeting, subject to a minimum of 0.75 per cent per annum of the construction cost of each flat, incurred during the building's construction and certified by the Architect. The amount so collected shall form part of the Repair and Maintenance Fund of the Society and shall be separately accounted for. This Fund shall be utilised for routine recurring repairs, day-to-day maintenance and upkeep of the buildings, common areas and properties of the Society.

(c) The Society shall establish a Major Repair Fund. The Major Repair Fund shall consist of contributions collected from its Members at a rate fixed pro-rata on an area basis, as and when required, and as decided by the General Body. The amount so collected shall form part of the Major Repair Fund of the Society and shall be separately accounted for. The Major Repair Fund shall be utilised for significant repair, renovation, restoration, replacement, rehabilitation and maintenance works relating to the buildings and properties of the Society.

(d) The Society may establish an Education and Training Fund. The Education and Training Fund shall consist of contributions collected from its Members in accordance with the provisions of the Rules and the rates prescribed by the Government from time to time. The amount so collected shall form part of the Education and Training Fund of the Society and shall be separately accounted for. This Fund shall be utilised for co-operative education, training programmes, seminars, workshops, conferences, publications and capacity building of Members, Committee Members and employees of the Society.

(e) The Society shall establish an Election Fund. The Election Fund shall consist of contributions collected from its Members. The Society shall collect contributions equally from all Members for conducting elections of the Managing Committee, as decided by the General Body. The amount so collected shall form part of the Election Fund of the Society and shall be separately accounted for. The Election Fund shall be utilised exclusively for meeting the expenses relating to conduct of elections of the Managing Committee.

(f) The Society may establish Welfare Fund which may consist of voluntary contributions collected from its Members. The Welfare Fund may be used for social, cultural and recreational activities organised by the Society.

(g) The Society may maintain a Corpus Fund. The Corpus Fund shall consist of contributions received from the Promoter / Builder, voluntary contributions from Members, or any other receipts as may be approved by the General Body. All such receipts shall be credited to and form part of the Corpus Fund of the Society.

(h) The Society may establish any other additional fund for specific purposes with contributions collected equally from all Members, subject to the approval of the General Body. The amount so collected shall form part of such fund and shall be separately accounted for.