With so many new buildings coming up in Mumbai, Co-operative housing societies will be formed.
In Maharashtra, societies are typically formed under the Maharashtra Cooperative Societies Act, 1960. This act provides the legal framework for the formation, registration, and governance of cooperative societies, including housing societies, in the state.
Here are the general steps involved in forming a society in Maharashtra:
1. Minimum number of members: A minimum of ten individuals is required to form a society. They should come together with a common objective, such as managing a housing complex, promoting a common interest, or providing a specific service.
2. Drafting the society's bylaws: The founding members need to draft the bylaws of the society. The bylaws outline the rules, regulations, and procedures for the functioning of the society. They cover aspects such as membership, management structure, election procedures, financial matters, and dispute resolution mechanisms.
3. Holding a general meeting: Once the bylaws are drafted, a general meeting of all the founding members should be held. During this meeting, the bylaws are discussed, amended if necessary, and approved by the members.
4. Registration of the society: After the bylaws are approved, the society needs to be registered with the concerned authority. In Maharashtra, the office of the Registrar of Cooperative Societies handles the registration process. The application for registration, along with the necessary documents and fees, should be submitted to the registrar.
5. Verification and approval: The registrar verifies the submitted documents and ensures that they comply with the requirements of the Maharashtra Cooperative Societies Act. If everything is in order, the registrar will approve the registration and issue a certificate of registration.
6. Opening a bank account: Once the society is registered, it can open a bank account in the name of the society. The society's funds and transactions should be managed through this account.
7. Commencement of society activities: With the registration and bank account in place, the society can commence its activities according to the approved bylaws. This includes collecting membership fees, managing common facilities, conducting elections for the management committee, and maintaining financial records.
It's important to note that the process of forming a society may involve additional requirements, depending on the type of society and specific circumstances. It's advisable to consult legal professionals or experts in cooperative societies to ensure compliance with the latest laws and regulations in Maharashtra.