Abolishing M 20 Bond was an eye wash!

Satish A Patankar

Respected sir,

This query pertains to abolition of form m-20. In this regard i wish to know that my mother’s coop.hsg.society committee members signed an redevelopment agreement with builder in the year 2010 and non of them submitted form M-20 to the Dy.Registrar after the election. The committee members did not follow the rules laid down by the authority.

They did not appoint Architect, Legal advisor, to counter check the offer given by the builder. Now the M-20 bond is scrapped on 12/09/2012 does it mean that the committee members are not liable for wrong doings. This case is prior to 12th September 2012 so still can any member of the coop.hsg.society can lodge a criminal case against them. If so pl let me know the procedure.

I C Naik

Abolishing M 20 Bond was an eye wash. When it was signed it did not create any additional legal effect better than what is there in 73[1AB] of the M. C. S. Act 1960. If it was not executed within 30 days of entering office of member of the managing committee, the concerned member ceased to be a member of the Committee.

This provision having been challenged and Bombay High Court upholding it, in your Society the management was in the hands of ordinary members like all other and the so called management committee did everything without the authority to do so. The members are free not to abide by it.

But that will create more problems than solve. Mainly because now your society can not go for an election as was the case before. This is because now the provision is Registering Authority has to authorize a departmental functionary or if there is/are a member(s) willing to manage the Society hey can write the Registering Authority to intervene and install a legally valid the managing committee which has powers to manage your Society. This facility has a time limit of 6 months.

As regards the M20 Bond I suggest you to open the following link to understand the matter fully.