Is it compulsary in Cooperative housing Societys committee member should submit bond in maharashtra?
Yes it is mandatory for the Committee members of a Society to execute a bond [Form M-20] within 15 days of assuming office, as provided by Sec.73[1][ab] of the Maharashtra Cooperative Societies Act 1960 r/w. Rule 58A of the MCS Rules, 1961. The bond must be made as per the format of Form M-20 on Rs 100 stamp paper purchased in the Society’s name. The bonds will remain on the Society’s records but copies must be lodged at the office of the concerned Dy. Registrar. Failure to comply with the above renders the Committee member[s] statutorily disqualified. You can purchase a copy of the MCS Act and the forms are at the end of the book.
Yes it is compulsary. Not just that, if it is not done within the stipulated period, the election / appointment of the society’s Managing Committee is void, and decisions taken by them are illegal. Web resources: 1. Refer the news about the Bombay High Court judgment published in Times of India on 03 Dec 2007. (http://epaper.timesofindia.com/archive/s… 2.
