Maharashtra’s Laws On Housing Societies
Maharashtra’s Laws On Housing Societies: The bye-laws in Maharashtra specify the requirements for having AGMs, the quorum needed to conduct business at such meetings, and the consequences for members who fail to show up.
Bylaws must be adopted by every housing society for use in managing and running the organisation. Maharashtra’s government has offered sample byelaws that societies can adopt with or without modifications. The guidelines for the annual general meetings of the societies are also covered by these bye-laws.
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Extended AGM dates to December 2022
According to a state government decree dated September 29,2022, all cooperative society audit deadlines have been extended until October 31, 2022, and AGM dates have been extended until December 31, 2022. More than 65,000 housing societies in the Mumbai Metropolitan Region would benefit from this action (MMR).
The next AGM date is March 20, 2022.
Maharashtra housing societies can now have their AGM till March 2022. The managing committee’s deadline to finalise the budget and choose an auditor for the upcoming fiscal year has also been extended. They must also make a decision on the budgeted balance still present in the audited books.
Due to the limits put in place until August 31, 2021 due to the COVID-19 epidemic, the state cooperatives commissioner had suggested this extension because only 20% of the societies had their audits and budgets completed. Additionally, housing societies have a six-month window starting in September 2021 and ending on March 15, 2022, to hold elections.
Timeframe for convening the AGM and the required amount of notice
Every cooperative housing society in Maharashtra is required to have an annual general meeting (AGM) before September 30th in accordance with the model byelaws for cooperative housing societies. The housing society’s committee is in charge of seeing that the AGM takes place within the allotted time.
The society’s secretary must affix his or her signature to the notification calling the AGM. Without giving the members a 14-day notice, the society’s AGM cannot be called. The date of issuance of the notice and the date of the meeting must not be included when calculating the 14-day period. Once called, an AGM cannot be deemed invalid unless the cooperative court issues a declaration that the meeting is invalid.
Housing societies in Mumbai are free from co-operative bank interest: ITAT
The Income-tax Tribunal (ITAT), Mumbai Bench, has decided that interest from investments made in cooperative banks will be deductible in the hands of cooperative housing societies in Mumbai. As it stands, the income of a cooperative housing society that is earned through interest or dividends with another cooperative housing society is entirely deductible under Section 80P (2)(d) of the Income Tax Act. The income tac department, on the other hand, has taken a different attitude during the last few years.
COVID-19 impact: Online AGM
The state cabinet, presided over by chief minister Uddhav Thackeray, had granted its permission to an exemption that would provide over 2 lakh cooperative groups, including housing societies. In Maharashtra, with much-needed respite. The AGM would henceforth be held from March 31 through April 30, 2021. This happened after the coronavirus epidemic, which prevented the AGM from taking place before September 30, 2020. All cooperative housing societies are now permitted to have online AGMs through December 31, 2021. According to a new notice that the Maharashtra government published on March 23, 2021. The state has granted a second extension. Until further notice, the audit report can be completed by the end of December.
Maharashtra’s Laws On Housing Societies: AGM’s quorum
The law requires a certain minimum number of members, known as the “quorum.” To be present in order to undertake business at the AGM. The quorum for the AGM should consist of at least two-thirds of the total number of members. Subject to a maximum of twenty. Small societies thus occasionally struggle to maintain the quorum. Even a tiny percentage of the overall membership in large societies can add up to 20 people present at the meeting and establish a quorum.
The meeting will be adjourned if the necessary quorum is not present within 30 minutes of the scheduled time. Either to a later hour on the same day or to another day that cannot be more than 30 days from the original date of the AGM. There is no need for a quorum at the adjourned meeting. However, the mere presence of one person at the adjourned meeting will still not qualify as a meeting. Therefore at least two members must be present for it to be considered an adjourned meeting.
Transactions to be made at the AGM
The main goals of a society’s annual general meeting are for the members to adopt and approve the society’s annual financial statements and to hear an annual report on the society’s operations. At the AGM, the society’s auditors are also chosen. The AGM may also discuss any additional matters. Even if they are not mentioned in the notice, in addition to the business listed above.
However, unless adequate notice has been given. The members are not permitted to discuss any of the following matters at the AGM:
- Members of the society are expelled
- Amendment of the society’s bylaws
- division, fusion, or bifurcation of society
Maharashtra’s Laws On Housing Societies: Transfer of the Society’s Property
The general meeting of the society may be postponed if just a portion of the items on the agenda are completed; the new date must not be more than 30 days after the original AGM and be selected by the members present.
What occurs if a member misses the AGM?
The Maharashtra government repealed the “inactive member” clause in Section 26 of the Maharashtra Cooperative Societies Act. 1960, in August 2021. As a result, everyone who is eligible to vote in the society’s elections can do so. Regardless of whether they attended general body meetings or not, on or before March 31, 2022.
With this change, the 2018 decision that ‘inactive members’ cannot vote or run for office in housing society elections is no longer valid. Section 26 of the Maharashtra Cooperative Societies Act, 1960. Which specified that any member of the society who has missed five consecutive general body meetings. Was amended by the Maharashtra government in 2018.
Regarded as a “inactive member.” He would thus forfeit his membership privileges, including the ability to run for office and cast ballots.
Maharashtra’s Laws On Housing Societies: A nominee may attend the AGM.
A nominee is not permitted to go to a housing society’s annual general meeting. Additionally, he is not permitted to make any resolution proposals or cast any votes in favour of resolutions during the society’s annual general meeting.
Maharashtra’s Laws On Housing Societies: A co-owner is welcome at the AGM.
If there are many co-owners of an apartment. The AGM may only be attended by the co-owner whose name appears first on the share certificate. In the event that he is unable to attend. The person whose name appears second may do so with the first co-written owner’s consent.
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