Is it compulsory for the Managing Committee of a Co-op Housing Society in Maharashtra to sign Bond M-20 under MCS Act and forward to the Dy. Registrar of Cooperative Societies? We heard there is some change in this procedure recently. -- Anonymous
Very recently i.e. in February 2013 the State Govt has brought in a change. The Bond under Form M-20 by the Managing Committee of a CHS is no more compulsory. There is an amendment in the Maharashtra Co-op Societies Act 1960 (MCS Act). Under an Ordinance promulgated last month the Maharashtra State Govt has got rid of MCS Act's Section 73 (1AB) of mandatory Bond under Rule 58-A [Form M-20]. The said Maharashtra Ordinance II of 2013 (effective 14 Feb 2013) is available on this website. The State Govt has proceeded further by replacing it by inserting Section 73-ID Sub- sections 1 & 2, thereby unexpectedly making the Managing Committee even more robust. Although once the said Section 73 (1AB) was challenged under Article 226 of Constitution of India but Bombay High Court upheld the legislature.