A housing cooperative, housing co-op, or housing company is a legal entity, usually a cooperative or a corporation, which owns real estate, consisting of one or more residential buildings; it is one type of housing tenure. Housing cooperatives are a distinctive form of home ownership that has many characteristics that differ from other residential arrangements such as single family home ownership, condominiums and renting.
The corporation is membership-based, with membership granted by way of a share purchase in the cooperative. Each shareholder in the legal entity is granted the right to occupy one housing unit. A primary advantage of the housing cooperative is the pooling of the members' resources so that their buying power is leveraged, thus lowering the cost per member in all the services and products associated with home ownership.
Another key element in some forms of housing cooperatives (but not Finnish housing companies, for example) is that the members, through their elected representatives, screen and select who may live in the cooperative, unlike any other form of home ownership.
Housing cooperatives fall into two general tenure categories: non-ownership (referred to as non-equity or continuing) and ownership (referred to as equity or strata). In non-equity cooperatives, occupancy rights are sometimes granted subject to an occupancy agreement, which is similar to a lease. In equity cooperatives, occupancy rights are sometimes granted by way of the purchase agreements and legal instruments registered on the title. The corporation's articles of incorporation and bylaws as well as occupancy agreement specifies the cooperative's rules.
The word cooperative is also used to describe a non-share capital co-op model in which fee-paying members obtain the right to occupy a bedroom and share the communal resources of a house that is owned by a cooperative organization. Such is the case with student cooperatives in some college and university communities across the United States.
Q1. For how long a person can hold office of president of a Housing Society Act?
The Officer of the Society shall hold office for the period of 5 years from the date on which he is elected to be the Chairman as the case may be the Secretary and Treasurer but not beyond the expiry of term of the Committee.
Q2. Can a non member be a member of a tender sub committee of a co operative housing society?
No, The power to decide the minimum limit for this shall be with a general body meeting.
Q3. What is the difference between committee members and advisory committee in housing society?
Committee member, is a member of the committee,which considers some matter of a community, organization, society etc
Advisory committee is a collection of individuals who bring unique knowledge and skills which augment the knowledge and skills of the formal board of directors in order to more effectively guide the organization.
Q4. Can a housing society be run without a Secretary & cashier?
No, they cannot run without the secretary and cashier.
Duties of Secretary:
1. The Secretary of a society shall—
a. Keep the minutes of any meeting of the society or Board;
b. Ensure that all records, books, papers and other documents of the society are kept in a safe place in the office of the society;
c. Conduct any correspondence on behalf of the society except in the case of a credit union where the Board may delegate such powers to other members of staff so that they may carry out the duties of their jobs;
2. The Cashier of the society shall—
a. Receive all monies due and payable to the society and issue receipts for the same except in the case of a credit union where the Board may delegate such powers to other members of staff so that they may carry out the duties of their jobs;
b. Deposit all monies received in the name of the society in such bank or depository as specified by the Board;
c. Sign all cheques, notes, bills of exchange and other documents necessary to effect the business of the society;
d. Keep a just and true record of all financial transactions effected by the society in the books provided for that purpose;
Q5. Is it compulsory to register the rental agreement if both are members of the same housing society?
A rent agreement provides tenancy for a short period, which is later renewed after the completion of the period. Generally, a landlord and a tenant make a rent agreement for a period of 11 months, with an option for a periodic renewal.
Under Section 17 of the Registration Act, an arrangement between a tenant and a landlord that involves occupancy of the latter’s premises for a one-year period must be registered in the Sub-Registrar’s Office. Registering a rent agreement is optional in case it’s made for a period of less than 12 months.
Q6. After the formation of housing society can builders declare Condominium?
In a housing complex, a co-operative society is formed, with all the flat owners as members, to maintain and manage the affairs of the entire complex. Formation and functioning of such societies is governed by Maharashtra Cooperative Societies Act,1960.
Condominium, is a group of housing units where the owner of each home owns individual unit space and ownership of common areas is shared by all. Every unit is called an “apartment” and owners the apartment owner(s). A condominium is formed under Maharashtra Apartment Ownership Act, 1970.