Amendment status not verified — confirm the current text below against the official source.
Disposal of surplus assets of liquidated societies.- After all the liabilities including the paid-up share capital of a wound up society have been met, the surplus assets shall not be divided amongst its members but they shall be applied to any object described in the bye-laws of the society and when no object is so described, to any object of public utility determined, by the general meeting of the society and approved by the Registrar or they may, in consultation with them either be assigned by the Registrar in whole or in part to any or all of the following:- (a) an object of public utility or local or civic interest; or (b) the Madhya Pradesh Co-operative Union Ltd., or any other institution or Union; or (c) may be placed on deposit with a Central Co-operative Bank until such time as a new society with similar conditions is registered when with the consent of the Registrar such surplus may be credited to the Reserve Fund of such new society; or (d) a charitable purpose as defined in Sec.2 of the Charitable Endowments Act, 1890 (VI of 1890); or (e) to each existing member in proportion to his paid up share capital. CHAPTER VIII - A (S.72-A to 72-E) (Applicable to M.P. only) 72-A. Application of Chapter. - The provisions of this Chapter shall apply to all Co-operative Housing Societies registered under the Madhya Pradesh Co- operative Societies Act, 1960 (No.17 of 1961). 72-B. Member's entitlement for plot, house and amenities and the liability of the cost.-(1) (a) Every member of a housing society shall be entitled to a plot for housing including low density housing, dwelling house or a flat, as the case may be, and in case dwelling houses or flat have already been acquired, the common amenities and services including housing finance. 61 (b) The list of seniority of a member comprising his name, his father and mothers name, his date of birth and permanent account number of income tax if any shall be maintained by the society and such list shall be prepared strictly in accordance with his admission in the society. The list so prepared shall be published at the end of every co-operative year by the housing society. The list shall be updated every year by the society concerned and shall be sent to the Joint/Deputy/Assistant Registrar concerned of the district. (c) Where a society gets any land from Government or any other agency on concessional rate for the housing purposes, it shall be compulsory for the member thereof to submit an affidavit to the effect that there is no plot/flat/house in his name or in the name of his family member in that Municipal area. (d) Along with the seniority list of members prepared under clause (b) every housing society shall submit its yearly balance sheet and particulars of assets and liabilities to the Joint/Deputy/Assistant Registrar concerned of the district. This information shall also be made available to general public on the web-site of the society. For this purpose service charge equivalent to 10% of the audit fee shall be recovered from the society, which shall be credited to the account of Housing Federation maintaining the web-site. (e) Every member of a housing society shall pay his share of cost of land, development, construction, legal expenses, maintenance and services, as the case may be, within the specified time as decided by the committee of the society. (f) If a member fails to pay such share of cost of land, development and construction within the prescribed time, the society shall charge interest at the rate at which the housing society is availing housing finance and in case the default continues beyond a period of two years, it shall cancel the allotment of plot, dwelling house or flat, as the case may be. (g) If a member fails to pay his share of legal expenses, maintenance and services, as the case may be, within the prescribed time, the society shall impose a surcharge at the rate of 20% for a period not exceeding three months and if default continues beyond three months, the services shall be discontinued forthwith: Provided that such services shall not be discontinued unless the member concerned is given a reasonable opportunity of being heard by the committee in this behalf. (2) Every member of a housing society shall attend every meeting of the general body of which he receives the intimation from the Secretary of the committee of the housing society and in case of his absence without prior intimation to the committee, he shall be liable to pay fine not exceeding Rs.200/- for each default, as may be decided by the general body: Provided that no fine shall be imposed unless the member concerned is given a reasonable opportunity of being heard. 72-C. Restriction on membership of housing society.-(1) Notwithstanding anything contained in this Act and the rules made thereunder, the membership of a housing society shall be restricted to a specific number, as may be prescribed in the byelaws. (2) The housing society may increase its membership upto a maximum number, as specified in the byelaws, in such a manner that every 62 member of the society may get a plot /dwelling house/flat in order of his seniority and avail housing finance, common amenities and services. 72-D. Offences.-Any of the following acts shall amount to and be construed as an offence under Section 74, namely:- (i) Transfer of a registered plot, dwelling house of flat to another person, in violation of the provisions of this Act, Rules, Byelaws of the society or any condition of allotment. (ii) Tampering with the seniority of the members. (iii) Admitting members in excess of the number prescribed in the byelaws. (iv) Not developing the land in accordance with the development plans of the society. (v) Allotment or sale of the land in violation of the approved layout plan of the society’s (vi) Non-development of the land which is reserved for general use of the society such as for community hall, school or hospital, or for any other purpose specified in the byelaws. (vii) Not maintaining or providing services paid for by the members without just and sufficient cause. 72-E. Penalties for offences.-Every committee, officer or past officer or member or past member or an employee or a past employee of a society or any other person shall, without prejudice to any action that may be taken against him under any law for the time being in force, be liable to be punished:- (a) For an offence mentioned in clause (i) of Section 72-D, with a fine which may extend to Rs.50, 000/- or with imprisonment for a term which may extend to one year or with both: (b) For an offence mentioned in clause (ii) of Section 72-D with a fine which may extend to Rs.50, 000/-; (c) For an offence mentioned in clause (iii) of Section 72-D with a fine which may extend to Rs.50, 000/-; (d) For an offence mentioned in clauses (iv), (v), (vi) and (vii) with a fine which may extend to Rs.50, 000/- or with imprisonment for a term which may extend to one year or with both. CHAPTER IX Offences and Penalties