Utilisation of Funds

The funds of the Society shall be utilised strictly in accordance with the provisions of Section 154B-18 and Section 67 of the Maharashtra Co-operative Societies Act, 1960, read with the applicable provisions of the Rules and these bye-laws. No fund of the Society shall be utilised for any purpose other than that for which it is created, except with the approval of the General Body and in accordance with the provisions of the Act and Rules.

(a) The Reserve Fund of the Society shall be utilised only in accordance with the provisions of Section 66(2) of the Maharashtra Co-operative Societies Act, 1960 read with Rule 54 of the Maharashtra Co-operative Societies Rules, 1961. Accordingly, the Reserve Fund may—

(i) be used in the business of the Society; or

(ii) subject to the provisions of Section 70 & Section 154B-17 of the Act, be invested in the modes prescribed; or

(iii) with the previous sanction of the State Government, be utilised in part for any public purpose likely to promote the objects of the Act or for such purposes of the State or local interest;

(iv) No part of the Reserve Fund shall be drawn, pledged or otherwise utilised except in accordance with the provisions of the Act and Rules and, wherever required, with the prior sanction of the Registrar or competent authority.

(b) The Sinking Fund shall be utilised for structural repairs, replacement of major components, reconstruction of the building or such other purposes relating to long-term sustainability of the building, as may be approved by the General Body, in accordance with Section 154B-15 read with Rule 106C-11. No amount shall be utilised from the Sinking Fund without prior approval of the General Body.

(c) The Repair and Maintenance Fund shall be utilised for routine and recurring repairs, maintenance, upkeep and day-to-day management of the Society's property, including common areas and facilities, in accordance with Section 154B-18 read with Rule 106C-13. The Managing Committee shall be competent to incur expenditure from this fund in the ordinary course of management.

(d) The Major Repair Fund shall be utilised for substantial repairs, extensive renovation, replacement of major installations and other capital nature works, as approved by the General Body, in accordance with Section 154B-15 read with Rule 106C-11. No expenditure shall be incurred from this fund without prior approval of the General Body.

(e) The Education and Training Fund shall be utilised for co-operative education and training of Members, office bearers and employees of the Society in accordance with Section 154B-6 & 154B-28 of the Act read with Rule 106C-7.

(f) The Election Fund shall be utilised exclusively for conducting elections of the Managing Committee in accordance with the provisions of the Act and Rules governing elections and Rule 106C-11.

(g) The Welfare Fund shall be utilised for social, cultural and welfare activities of the Members as may be approved by the General Body, in accordance with Section 154B-18 read with Rule 106C-11.

(h) The Corpus Fund shall be utilised only for such purposes as may be decided by the General Body in accordance with the provision to Section 154B-18 of the Act read with Rule 106C-11.

(i) Any other fund created by the Society shall be utilised strictly for the specific purpose for which it is created, as approved by the General Body, and in accordance with the provisions of Section 154B-18 and Section 67 of the Act read with applicable Rules.