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A housing society is an association of residents formed to provide a structured framework for the collective management of a residential complex or locality. Housing societies aim to improve cooperation, transparency, and shared responsibility among members while facilitating property management, governance, and social initiatives. Incorporating a housing society legally ensures a well-organized structure for maintaining communal amenities, security, and administration.
Criteria | Housing Society | TRUST | Section 8 Company |
---|---|---|---|
Legal Structure | Cooperative Association | Managed by Trustees | Registered Company |
Purpose | Residential or Community Welfare | Charitable Purpose | Social or Charitable Objective |
Liability | Limited Liability | Trustees’ Fiduciary Responsibility | Limited Liability |
Tax Exemption | Eligible for Tax Benefits | Eligible for Charitable Deductions | Full Charitable Exemption under IT Act |
Registration Authority | Registrar of Cooperative Societies | Charity Commissioner | Ministry of Corporate Affairs |
Decision-making Process | Member Voting | Trustee Discretion | Board of Directors and Shareholders |
Ensure all clauses are written clearly and precisely to avoid ambiguity and misunderstandings among members.
Ensure the bylaws comply with the Housing Society Act and Registrar of Cooperative Societies' regulations applicable in your jurisdiction.
Clearly define the objectives and purpose of the society, including communal welfare, property management, and shared facilities maintenance.
Outline the roles and duties of key office-bearers such as President, Secretary, Treasurer, and Internal Committee Members.
Specify eligibility criteria, membership acquisition, termination, rights, and responsibilities of members.
Include details about Annual General Meetings (AGMs), Special General Meetings (SGMs), and Board meetings, along with procedures for quorum and voting.
Include guidelines about financial management, auditing, transparency, and accountability.
Define a structured process for grievances and dispute resolution among members.
Provide clear instructions for amending the bylaws, ensuring amendments comply with legal provisions.
Clearly outline the liability of members, legal protections, and rules for dispute settlements.
Clause 5: Membership
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