Amendment status not verified — confirm the current text below against the official source.
(1) An association of allottees shall be formed by the promoter in respect of plots or buildings, in such manner as may be prescribed, within four months from the date on which occupancy certificate is issued in respect of all the building units or a minimum of sixty per cent of the allottees have taken possession of the building units or the promoter has received full consideration or other amount, for the same, whichever is earlier and in the case of a colony, an Apex Association shall be formed in such manner, as may be prescribed, in addition to the association representing all the associations in any real estate project and every such association and apex association shall be registered in such period, as may be prescribed, before the Authority by filing an application in the prescribed form along with all documents as may be prescribed and the Authority shall, give registration number to each such association. (2) If the promoter fails to submit an application for registration of the association within the prescribed time, the association shall be formed by the allottees and the same shall be registered before the authority. (3) Save as otherwise provided in this Act, the association shall have such rights and duties as may be prescribed.