VI. FUNDS, THEIR UTILISATION AND INVESTMENT
(E) Creation of Other Funds (Bye Law No 13)
Bye Law No 13. Other Funds to be created by the Society
The Society shall create and establish the following funds by collecting contributions from its Members at the rates mentioned hereunder:
Bye Law No 13(a) Creation of Repairs & Maintenance Fund
Repairs and Maintenance Fund, at the rate fixed at the general body subject to the minimum of 0.75 per cent per annum of the construction cost of each flat, incurred during the construction of the building of the Society and certified by the Architect, for meeting expenses of normal recurring repairs of the Society’s buildings/property.
Bye Law No 13(b) Creation of Major Repairs Fund
Major Repairs Funds, as and when required and decided by the by the General Body at the rate fixed pro-rata on area basis.
Bye Law No 13(c) Creation of Sinking Fund
The Sinking Fund at the rate decided at the meeting of the general body, subject to the minimum of 0.25 per cent per annum of the construction cost of each flat incurred during the construction of the building of the Society and certified by the Architect, excluding the proportionate cost of the land.
Bye Law No 13(d) Creation of Education & Training Fund
To create Education and Training Fund from contribution by the Members Rs 10 per month / per unit or as decided by the General Body.