HOUSING SOCIETY CAN DECIDE ON USE OF SINKING FUND – 4th Dec, 2020 TIMES OF INDIA – MUMBAI PAGE 5
Prior to 2014, housing societies have to approach co-operative department to get permission to use the sinking fund deposited in banks for societies major repair work. Even after the approval of AGM, socities need get this additional permission from registrar office.
However the amendment has given rights to society to use the funds of Sinking fund for societies repair works. Society’s now need to go to co-operative department to get the money out of the bank against the Sinking fund.