l.l I ,i I60 qr{& Original/Duplicate fhwsday,May 21 ,2O2O +{trft16.:39Er 'l O:37 AM Regn.;39M trr+ffit'.: 4092 {iTal 211951202O r6qfi aaa +rRl-cr {rEr 2 -11- b)To invest or deposit moneys. c)To provide maintenance, repair and replacement of the said common Areas and facilities by contribution from the apartment owners and if necessary, by raising loans for that purpose d) To retain & rent or license, if possible, suitable portions of the common areas to outsiders for commercial purposes and to distribute the common profits left after deducting the common expenses amongst the apartment owners ,as common profib or accumulate the same for building-up a reserve fund. e)To provide for & do all or any of the matters provided in subsection (2) of section 16. f)To advance with the consent of the apartment owners, any short term loan to any emergent necessity & to provide for repayment thereof in lump- sum or in installments. g) To establish & carry on its own account or jointly with undividable or institutions, educational, physical, social and procreative activities for the benefit of the apartment owners. h)To frame with the approval of the general meeting of the association & after consulting the competent authority and may establish a provident fund & gratuity fund, if necessary, for the benefit of the association. i)To do all things necessary or any otheruise provided for their welfare, expedient for the attainment of the objects, specified in these byeJaws. ll) The association shall not act beyond the scope of its objects, without duly amending the provisions of these bye.laws for the purpose. 5) Membership of association :- i)All persons who have purchased apartment in the said Apartment & executed their respective declaration uis.S submifting their apartments to the prwisions of the act, shall automatically be the members of the association and shall pay the sum of Re. 1l as entrance fee & may purchase at least 1 share of the face value of Rs.100/+ach. Each apartment owner shall receive a copy of the bye-laws on payment of Rs.1/-. ii)Upon any apartment owner selling his apartment or absolutely conveying the same by way of gift under his will or other, the purchaser or donee shall automatically become a member of the association & shall be adrnitted as a member on payment of the entrance fee of one rupee. The shares held by an apartment owner shall be transfened to the name of such purchaser or the donee on payment of one rupee to the association. iii)On the death of an apartment owner, his apartment shall be transferred to the person/s tc whom he has bequeathed the same by his will or to the legal representatives of his estate & in case he has not made any specific bequest of the apartment the name of the legatee or legal representatives, jointly, shall be entered in the register of apartment owners maintained by the secretary for the purpose of administration of the condominium as apartment owners. Where any legatee is a minor, the apartment owner shall be entitled to appoint a guardian of such minor. 6) Where an apartment has been purchased by two or more persons, jointly, they shall be jointly entitled to the apartment & the shares of the ----_-----.......-F tf*f*I- x 1-stl ffiF.( Gl tP nqol c * 7v -E -12- association shall be issued in their loint names, but, the person whose name appears first on the share certificate, shall alone will have the right to vote. . 7) Every apartment owner must hold at least one share of the association.( joint apartment owners holding the shares jointly). CIDisqualification:- No apartment owner shall be entitled to vote on the question of election of members of the board or the President, Secretary, treasurer or any other office bearer or entitled to contest election to such office, if he is in arrears of any sum due from him in respect of his contribution for common expenses for more than 60 days on the last day of the year in which the elections to the board would take place. CHAPTER- II VotinE, Quorum & proxies 9) Votino :- Voting shall be on a percentage basis & the percentage vote to which the owner is entitled to, is the percentage assigned to the family/ commercial uniUs in the declaration. 10) Qu orum:- Ex cept, as otherwise provided in these byeJaws, the presence in person of a majority of owners shall constitute a quorum 11) Votes shall be cast in person. CHAPTER-III ADTINISTRAT]ON 12)Powers & duties of a ion :-Association will have the responsibilig of administering the said Apartment Condominium establishing & collecting the monthly assessment & ananging for the management of condominium in an efficient manner. Except, as otherwise provided resolutions of association shall require approval by a majority of owners, casting votes in person. 13) Place of meetinq :- Meeti ngs of the association shall be held at a suitable place convenient to the owners, as may be, from time to time, designated by the association. 14) AnnualMeetino :-The annual meetings of the association shall be held on the first Sunday of June of each year. At such meetings, there shall be elected by ballot of the apartment owners, a board of managers, in accordance with the requiremenb of bye-law no. 23. The owners may also transact such other business of the associalion, as may properly come before them. 15) Soecial Meetinqs:- lt shall be the du ty of the President to call a special meeting of the apartment owners, as directed by the resolution of the board or upon a petition signed by a majority of the owners and having been presented to the Secretary. The notice of such meeting shall state the time & place of the meeting and the purpose of meeting . 16) Notice of M eetinq:- | t shall be the dug of the Secrelary to mail or send a notice of each annual or special meeting stating purpose of the meeting, time, place, date, agenda of the meeting to each apartment owner al least E days before meeting. ;RH-Y .f suR. e r- (E qRr.( S)bP ltotol q. ffi g{. - ?1 \3 17 rned Meeti -_9 -13- -lf any meeting cannot b€ organised because of any reason , such meeting shall be adjourned for 48 hours from the time when the original meeting was called for. CHAPTER -IV BOARD OF iTANAGERS 18) Manaqement of association:- The board of man agers shall have the powers & duties necessary for the administration of the affairs of the association ,as required by the byeJaws of the association . 19) Other Duties:- T he board shall have folloring other duties, in addition to that as specified in the bye-laws of the association a) Care, upkeep, surveillance of the association's propefi b) Collection of monthly assessment from the owners c) To provide for the audits & accounts of the association d) To sanction working expenses, count cash balance & deal with e) other misc. business of association 0 To hear & deal with the complaints ofthe occupants. 20) Appointmbnt of Manaqer:- The board may employ a manager at such compensation as determined by the board, to perform such duties & services as the board shall authorize, including , but, not limited to the duties in the bye-law no.1 9. 21)Election & Term of an Officec- At the first annual general meeting of the association ,the term of office of manager shall be fixed for a term of 5 years & at the expiry of his period his successor shall be elected to serve the association. 22) Vacancies:- Vacancies in the board caused by any reason ,shall be filled in by vote of majority 23) Removal of Manaoers:- At any regular or special meeting manager may be removed with or without cause, by a majority of the apartment owners & his successor may be elected in the same meeting by majority . 24) Quorum:- At all meeti ngs of the board 1/3 rd of the total strength of the owners shall constitute a quorum of the meeting & the meeting without such quorum shall be adjourned. c ER.V OFFICERS 25) Desiqnatiu-- The principal officer of the said association shall be a President, Vice-President, a Secretary and a Treasurer, all shall be elected by the board .The board may appoint any additional officers for the smooth functioning of the work of the association . 26) The officer s of the association shall be elected annually by the board of the organization of each new board & shall hold offices at the pleasure of t he board 27) R al of office rs:- Upon vote of majority of the members of the board ,any officer may be removed either with or without any reason & his successor shall be elected in the same meeting with majority. 28)P ent:- The President shall be the chief executive officer of the -x qanl'jtaEP ltotol d- -14- association. He shall preside at all the meeting of the association & of the board .He shall have all the special powers & duties which are usually vested in the office of a president of an association. 29) Vice-President- The Vice President of the association shall take place of the President in his absence & shall assist the President in his work while at the meeting or outside. 30) Secretarv :- The secretary shall keep the minutes of all the meetings of the board & of the association & he shall have charge of all the books & papers of the association & shall perform all the duties incidental to the office of the Secretary. 31) Treasurer:- The treasurer shall be res ponsible for the association's funds, securities, money, as well as for the true & conect account of the said funds, money etc. CHAPTER - VI Oblioations of the aDartment owneE 32) Assessment :- All the ourners are obliged to pay monthly assessment imposed by the association to meet all the expenses relating to lhe association. 33) Use of the unit:- All the units shall be used only for ttreir respective I residential purpose owners shall not make any kind of structural changes or alterations or moilifications in his/her unit without previous wriften sanction of the President. 34) Use of common areas & facilities :- An owner shall not place or cause to be placed in the lobbies, stair+ases, terraces & other areas of the condominium Such areas shall be used for no other purpose than for normal transit through them. 35) Riqht to entrv :- An owner shall grant the right of entry to the manager or to any other person authorized by the board in case of emergency originating in or threatening his unit whether the owner is present at that time or not. 36) RuLes ollonduct:- The residents shall take extreme care about making noise that may disturb others. lt is prohibited to throw hard garments, rugs etc. from windows, balconies which may cause hardship for the other residents. lt is prohibited to through garbage or thrash outside the disposal installations provided for such purposes in the service areas. CH -vil FUNDS AND TH IR INVESTIIIENT 37) Funds :- Funds ma y be raised by the Association in all or any of the following ways, viz:- a)By shares:- b)By contribution and donations from the Apartment owners c)From common profit which shall from the nucleus of the reserve fund ; d)By raising loans, if necessary ,subjeci to such terms & conditions, as the association, with the approval of the competent Authority, may determine in it. 38) lnvestment :- The Association may invest or deposit ib funds in one or more of the following :-ln the District central co- operative Bank or in ;ruFt -Y (fifi.( 3)LP 16161 2\- -15- the state co- operative Bank, or in any nationalized bank; a)ln any of the securities specified in section 20 of the lndian Trust Act,19g2: b)ln any co-operative Bank other than those refened to in clause (a) of this bye-law or any banking company approved for this purpose by the .association. a)ln any of the securities specified in section 20 of the lndian Trust Act,19g2; 39) Accounts :- i) A banking account shall be opened by Association into which all moneys received on behalf of the Association shall be paid ; provided that the secretary may retain in his personal custody an amount not exceeding Rs.'10001 for petty expenses. All payment above Rs.10001 shatl be made by cheque, duly signed by secretary and one member of the Board . ii) The Association shall on or before 31"t July in each year publish an audited financial statement in respect of the common areas and facilities containing:- a)The profit or loss account; b)The receipts and expenditure of the previous financial years; c)A summary of the property and assets and liabilities of the common areas & facilities of the association giving all particulars. 40) Publication of Accounts & Reoorts:- A copy of the last financial statement & of the report of the Auditor, if any, shall be kept in a conspicuous place in the office of association. 4'l) Aooointme t of Auditor The association shall appoint at its general meeting, an auditor who shall audit the accounts of the association to be prepared by the board, as hereinabove provided & shall examine the annual return & verify the same with the accounts relating thereto & shall either sign the same as founded by him, to be conect, duly vouched & in accordance with law. CHAPTER-VIII TORTGAGES 42 ]lotice of Association :- An owner who mortgages his/her unit , shall notify the association , through the manager if any, or the President of the board in the event there is no manager ,the name & address of his mortgagee and the association shall maintain such information in a book entitled " MORTGAGEES OF UNITS'. 43) Notice of Unpaid Assessment:- The association shall at the request of a mortgagee of a unit , report any unpaid assessments due from the owner of such unit. CHAPTER- IX COMPLIANCE zl4) These bye-laws are selforth to be complied with the requirement of the Maharashtra Apartment Ownership Act1970.ln case any of these bye- laws conflict with the provisions of the said act. lt is hereby agreed & accepted that the provisions of the act will apply. ;r$I-x :1 s a- @r,( J1€ n'1'l 'it' ffi g e 3 a/ -16- o ?Q :. sH 45) Seal oJ the Association :- The association shall have a sommon seal which shall be used only under the authori$ of a resolution of the board and every deed of instrument to which he seal is affixed ,shall be attested. lN WITNESS WHEREOF, the Grantor Owners & the Grantor Developers herein have set & subscribed their respective hands to these presents on the day, month & year written hereinabove fted B v (J.ts.Ghumare,Adv) Signed Sealed & Delivered by the within named Grantor Ourner Itl/S. Ganraj Developers, through Partner Mr.Mayurbhai Mavjibhai Viramgama Signed Sealed & Delivered by the within named Grantor Dweloper Itl/S. 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