contd....
3. The third item for consideration of the meeting is about is engaing the services of a person who could formulate the registration proposal of the proposed co-operative housing society. We have explained the position in this behalf in the introductory paragraph. The Federation feels that every Chief Promoter should acquaint himself with all the procedural details required to be compiled with for formulation of registration proposal. In case of any difficulty, he can always approach the Federation for guidance at: The Mumbai District Co-Operative Housing Federation Ltd., 103, Vikas Premises, First Floor, 11, G. N. Vaidya Marg, Fort, Mumbai-400 001.
3. The third item for consideration of the meeting is about is engaing the services of a person who could formulate the registration proposal of the proposed co-operative housing society. We have explained the position in this behalf in the introductory paragraph. The Federation feels that every Chief Promoter should acquaint himself with all the procedural details required to be compiled with for formulation of registration proposal. In case of any difficulty, he can always approach the Federation for guidance at: The Mumbai District Co-Operative Housing Federation Ltd., 103, Vikas Premises, First Floor, 11, G. N. Vaidya Marg, Fort, Mumbai-400 001.
4. The items 4, 5 and 6 for consideration of the meeting of the promoters relate to giving authority to the Chief Promoter in respect of negotiations for purchase of or obtaining on lease a piece of land, entering into an agreement for the same, appointment of the architect, preparation of plans and estimates etc. The authority of the Chief Promoter in all these matters is subject to the approval by the meeting of the promoters. The promoters are, therefore, required to be very careful to see that the Chief Promoter acts in all these matters with prior approval of the meeting of the promoters. Any remissness on the part of the Chief Promoters to ensure that Chief Promoter is acting to him or neglect on the part of promoters to ensure that the Chief Promoter is acting within his authority may land the society into unsurmountable difficulties.
5. The items 7 and 8 for consideration of the meeting of the promoters are self explanatory and need no comments.
6. Although ten promotersare sufficient for the meeting to take decisions, the Federation would like to suggest that all the promoters should make it a point to attend the meeting in view of the importance of the subject matters before the meeting.
7. The next part of the function of the Chief Promoteris to make an application for reservation of name for the proposed society. The form of application for reservation of name for the proposed co-operative housing society is enclosed at 'Annexure ll. The form is simple and Chief Promoter should not find any difficulty in filling the form for securing reservation of a name for the proposed society. What is necessary is the indication of the fact that the society, if registered, will have the property detailed in the application for reservation of the name. In order to substantiate this fact, the Chief Promoter has to enter into an agreement for purchase of land-or taking it on lease or purchase of building already constructed. In case of a private landlord from whom the property is proposed to be purchased, a copy of the agreement for purchase of the building/ buildings should accompany the application for reservation of name. In case of Government land or the Housing Board building or land or building of any other statutory body, the letter indicating the details of the open land or land with a building thereof, proposed to be granted or allotted to the society on its registration is sufficient . A copy of such letter should be attached to the application for reservation of the name. On an application in the prescribed form, the Chief Promoter will receive a letter in the form enclosed at Annexure lll, reserving the name for the proposed co-operative housing society, from the Deputy/Assistant Registrar of co-operative Societies.
8. The letter from the Deputy/Assistant Registrar, Co-op. Societies, referred to above, gives an authority to the Chief Promoter to open an saving account with The Mumbai District Central Co-op. Bank Ltd., Mumbai Bank Bhavan, 207, D. N. Road, Fort, Mumbai-400 001 or its branches or any other Urban Co-operative Bank named in the endorsement to that letter. On reservation of name for the proposed society, the Chief Promoter can collect the amounts from prospective promoters to-wards share capital, enteranec fees, cost of the purchase land/ building, cost of construction and towards other incidental expenses and has to deposit the same in the said Bank. Receipts for the amounts should be passed by Chief Promoter under his hand in the name of the proposed co-operative housing society as reserved by the Deputy/ Assistant Registrar.
