In the context of Co-operative Housing Societies (CHS),A Sinking Fund consists of contribution from all Members, at the rate fixed at the General Body Meeting from time to time, subject to the minimum of of 0.25 percent per annum of the construction cost of each flat.
Utilization: On the Resolution passed at the meeting of the general body of the society, the Sinking Fund may be used by the society for reconstruction of its building/buildings or for carrying out such structural additions or alteration to the building/buildings, as in the opinion of the Society’s Architect, would be necessary to strengthen them or for carrying out such heavy repairs as may be certified by the Architect and on approval of General Body.
This is per the Model By-Laws of Maharashtra.
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1 comment
mrs. saxenaMarch 8, 2013 - 2:04 pm
Sir.is there any bye law that says that the sinking fund is to be calculated at present cost of constuction of a flat or a valuator to be appointed for it .Can one man and the administrator alone decide to keep a valuotor and change the sinkining fund hikiking it astronomically without a general body.IF i AM NOT WRONG AS PerTHE NARRATION FO SINKING FUND -BYE LAW 13-C IT HAS TO BE FIXED AT A RATE DECIDED BY AND AT THE GENERAL BODY MEETING CONSIDERING 0.25 OF THE CONSTRUCTION COST OF A FLAT. IS IT NOT ABSURD TO CALCULATE AT THE PREASENT COST OF CONSTRCTION EACH YEAR AS ONE MEMBER OF OUR SOCIETY NOTORIOUSLY CLAIMS. IF AT ALL A BIDG. IS SO DILAPIDATED OR INHABITABLE THEN THE REDEVLOPMENT IS A MORE VIABLE CONSIDERATION AT A GEN.BODY. CAN ADVICES BECOME BYE LAWS. IS THERE ANY BYE LAW THAT SAYS A VALUATOR IS TO BE APPOINTED TO FIX THE RATE WITHOUT GEN. BODY `S CONSENT?KINDLY ENLIGHTEN.
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