MODEL BYE–LAWS OF COOPERATIVE HOUSING SOCIETY
VI. FUNDS, THEIR UTILISATION AND INVESTMENT
(D) Constitution of the Reserve Fund (Bye Law No 12)
Bye Law No 12.(a) How the Reserve Fund shall be constituted
The Reserve Fund of the Society shall comprise of —
- all entrance fees received by the Society from its Members;
- all transfer fees received by the Society from its Members on transfers of the shares, along with the occupancy rights;
- all premium received by the Society from its Members on transfers of their interest in the capital or property of the Society;
- the amounts carried to the said fund, from year to year, out of the net profit / surplus of that year, subject to the provisions of Section 66 (1) and (2) of the Act;
- all donations received by the Society, except those received by it for the specific purpose.
Bye Law No 12(b) Appropriation of amounts to the Reserve Fund of the Society
The Society shall, while finalising the accounts for the preceding cooperative year, appropriate all amounts referred to in the bye-law No. 12(a)(i) to (v) to the Reserve Fund of the Society.