| The society may establish and maintain the following funds, as approved by the general body, namely:‐ |
| (1) |
Reserve fund.‐ The society may establish reserve fund which shall consist of,‐ |
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(a) |
all entrance fees received by the society from its members; |
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(b) |
all transfer fees received by the society from its members on transfers of membership; |
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(c) |
the amounts allocated to this fund from the net profit or surplus of that year, in accordance with the provisions of sub-sections (1) and (2) of section 66; |
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(d) |
all donations received by the society, except those designated for specific purposes. |
| (2) |
Sinking fund.‐ The Society may establish Sinking Fund which shall consist of contributions collected from its members at a rate determined in the general body meeting, subject to a minimum of 0.25% per annum of the construction cost of each flat, incurred during the building’s construction and certified by the Architect. This fund shall be used for heavy repairs, as approved by the general body. |
| (3) |
Repair and maintenance fund.‐ The Society may establish Repair and Maintenance Fund which shall consist of contributions collected from its members at a rate fixed in the general body meeting, subject to a minimum of 0.75% per annum of the construction cost of each flat, incurred during the building's construction and certified by the Architect. This fund shall cover expenses for routine recurring repairs of the society’s buildings or property. |
| (4) |
Major repair fund.‐ The Society may establish Major Repair Fund which shall consist of contributions collected from its members at a rate fixed pro-rata on an area basis, as and when required, and decided by the general body. The Major Repair Fund shall be used for significant repair and maintenance work on the society's building and property. |
| (5) |
Education and training fund.‐ The Society may establish Education and Training Fund which shall consist of contributions collected from its members. |
| (6) |
Election Fund.‐ The Society may establish election fund which shall consist of contributions collected from its members. The society may collect contributions equally from all members for conducting elections of the managing committee, as decided by the general body. |
| (7) |
Welfare Fund.‐ The Society may establish Welfare Fund which shall consist of equal contributions collected from its members. The welfare fund, shall be used for social, cultural and recreational activities organized by the society. |
| (8) |
Corpus fund.‐ The Society shall maintain Corpus Fund. |
| (9) |
Any Other Funds with the Permission of the General Body.- The Society may establish any other additional funds for specific purposes with contributions collected equally from all members, subject to approval of general body. |