ARTICLES ON REDEVELOPMENT - INDEMNITY BOND IN FORM M-20 FOR MANAGING COMMITTEES

FORM – M 20 ON Rs. 200/- STAMP PAPER
INDEMNITY BOND

To,
The Secretary,
(Name and address of the Hsg Society)

WHEREAS as per the provisions contained under Section 73(1AB) of the Maharashtra Cooperative Societies Act 1960 which reads as under:-

“The Members of the Committee shall be jointly and severally responsible for all the decisions taken by the committee during its term relating to the business of the society. The members of the committee shall be jointly and severally responsible for all the acts and omissions detrimental to the interest of the society. Every such member shall execute a bond to that effect within fifteen days of his assuming the office, in the form as specified by the State Government by general or special order. The member, who fails to execute such bond within the specified period i.e. within fifteen days from joining the Managing Committee member, shall be deemed to have vacated his office as a member of the committee."

AND

WHEREAS as per the provisions contained under Rule 58(A) of the Maharashtra Cooperative Societies Rules 1960 which reads as under:-

"Every elected member of the Managing Committee shall execute a bond in Form M-20 within fifteen days of his assuming the office. Such bond shall be executed on the stamp paper as provided under the Bombay Stamp Act 1958. The expenditure on stamp paper shall be borne by the society. The Chief Executive Officer / secretary of the society shall receive such bonds and keep them on record of the society and accordingly inform the Registrar within Fifteen days from the formation of the Committee."

AND

WHEREAS as per the provisions contained under Bye-laws no.138 governing the Co-Operative Housing Societies in Maharashtra which reads as under:-

“The members of the Committee shall be jointly and severally liable for making good any loss, which the Society may suffer on account of their negligence or omission to perform any of the duties and functions cast on them under the Act, Rules and the Bye-Laws of the Society”.

NOW THIS INDENTURE WITNESSETH that

1. I, Shri/Smt. ____________________________age______ years, am residing in flat no._____ in Wing/Building________ of_________ Co-operative Housing Society Ltd registered under the Co-operative Societies Act, 1960 having its registration no. ______________ of the year______ having its Registered address at________________

2. I say that as per the election results declared on __________, I have been elected as one of the members of Managing Committee of ___________ Co-operative Housing Society Ltd for the period of 5 years commencing from______ to________.

3. I say that I have assumed office on___________

4. I declare today i.e. on ______________ that I shall be jointly and severally responsible for all the decision taken by the Managing Committee during its term relating to the business of the society and shall be jointly and severally responsible for all the acts and omissions detrimental to the interest of the society as provided under Section 73(1AB) of the Maharashtra Cooperative Societies Act and Rule 58A of the Maharashtra Cooperative Societies Rules 1960 as also Bye-laws no.138 governing the Co-Operative Housing Societies in Maharashtra

Name and Signature of Managing Committee Member
Date:
Place:

Name and Signature of Witness (Secretary/Chairman) Seal of the Society

Formatted by Dilip Shah
Counselor and Analyst for Redevelopment of Housing Societies
dilip7shah@gmail.com
9819825752
32411533