11~~~~~ __~ EXHIB~3~'B_~ ~_~~~ BYE-LAWS OF "PADMA VISHWA OXVFLOW APARTMENT" CONDOMINIUM 1) SHORT TITLE :- These bye-laws may be called the bye-laws of "PADMA VISHWA OXYFLOW APARTMENT" Condominium. 2) APPLICATION:- The provisions of these bye-laws apply to the "PADMA VI5HWA OXYFLOW APARTMENT" Condominium. . All the present and future Owners of tenements, or their employees or any other person that might usc the faci ittes of the building In any manner, are subject to the regulatlons set forth in tnese bye-laws. The t-1ereacquisition on rental or taking on license, lease of any of the - units (herelnafter referred to as "units") of the building or mere act of occupancy of any of the said unit will signify these bye-laws are accepted, ratified and will be complied wilh. 3) DEFINITION :. 1. In these bye-laws, unless the context requires otherwise. a. "ACL" means the Maharashtra Apartment Ownersh pAct, 1970. b. "Association" means the Association of ali the Apartment Owners constituted by such Owners for the purpose of the "PADMA VISHWA OXYFLOW APARTMENT" Ccadominium. c. "Board" means a Board of Managers conSisting of 7 persons all of I 1 whom shall be Owners of apartment In the "PADMA VISHWA OXYFLOW APARTMENT" COndominlull. d. "Building" means the bulld'ng located at v lIage Anandvalli, Tal. & Dlst. Nashlk 01 all that piece & parcel of Revenue Survey No. : 35/5/2+3 Plot No.7 admeasuring 630.12 sq. mtrs., CTS No. 2161 admeasuring 604.8 sq.mtrs., known as "PADMA VISHWA OXYFLOW APARTMENT" Condcmlnlum and includes the land forming part thcrcof. e. "Declaration" means the Declaration which the sole Owners of the building or all the Owners of the bUi'ding have executed and registered as provided in section 2. '. •• f. "1'lajorityof Owners' meanstheseOwnersholding 51 percentof the votes in accordance wIth the percentage assigned in the Dedaration. g. "Owners" or "Apartment Owners" means those persons owing an apartment In "PADMA VISHWA OXYFLOW APARTMENT" Condominium. h. "Sectlon"meansa sectionof the Act. I. 'Ur,t" means a Flat Unit n "PADMA VISHWA OXYFLOW APARTMENT"Condominium j. "Reg:strar"meansthe Registrarof Co-operatlvescoeres. 2. Wordsand expressionsused In these bye-lawsbut not defined therein shallhowethe meantI'l9 respectivelyassignedto them in the Act. 3. The building locatedon all that p'ece& parcelof Ncn-Agricu:tural and bearingRevenue Survey No. 35/5/2+3 Plot No.7 admeasuring 630.12 sq. mtrs., CTS No. 2161 admeasuring 604.8 sq.mtrs., Situated,lying and being at Village Anandvalli, Tal. & Dist. Nashlk, within the limits of Nashlk t<1unici;Jal Corporation,Nashik & known as "Padm" Vishwa Oxyflow Apartment" COl'ldominiJr'lIs subrmttedto the provisionsof the SJidAct. 4. OBJECTSOF THE ASSOCIATION :- 1. The objects of the Association shall be :- a. To be and to act as the Assooat.cnof Apartment Owners of the bui d(ng ca.eel as the "Padma Vishwa OxyAow Apartment" Condo-nlnlurn(hereinaftercalled"the sad bulld',g") who have fled tl'eir respective Dedarations to subm:t their aoartment to the provisons of tile Act. b. To Inves:or deposit mo"eys. • c. To provide for the rnante"la1Ce,repair and replacemenl of the common areas and fa(ll tics by co1tributions from thc apartment owners and if necessa-v,by raisingloansfor that purpose. d. To retain and rent or license If possto'e,su'tabte pornon/s of the common areas to outs :;!;:/s fer commercial purpose and ,0 distribute the common profits Icft, after deducting the common expenses al""'ong the apartnent Owners as common p'ofits or ~umu,ate the sz:nefor buildingup reservefund. _j .. : r-------------:-~, 13 ~J;~I_or.~r'<;_- e. To provide for and to do al or the section (2) of the section 16 of the said Act. ~:~c] f. To pay. advance wiU'l the consent or the apartrrent Owners, any short term loans to any apartment Owners I" case of any emergent necessity and to provide for the repaymert thereof in lump sum or In Installments. g. To establish and carry on all such activiUes on its own accounts or jo !'ley with Indlv'duals or ",ith Institutions, edJca~onal, physical, social and re-creanve activities, for the benefits of the apartment O",rers. h. To frame rules with to.c approval of t"e general rneet.nq of the Association and after consulUi1gthe Cempetent Authority and may establish a Provident Fund and Gratl.;ity Fund. f reccssarv, for the benefits of the employees of the Assoclat.on. I. To do all things necessary for a"'d otnerwse provide their welfare expedient (or the attalnment of the objects specified In these bye- lews, II) The Association s"a:1 not act beyond the scope of these objects w'thout duly omend''19 the provlslons of these bvc- laws for the purpose. S. MEMBERS OF ASSOCIATION ;- I. All perSO'lSwho have purcnased apertrrevts In "PADMA VISHWA OXYFLOW APARTMENT" Condominium and executed respective oectarauons under seeton 5 submitting their apartrrent to provisions or tne IIct shall automaHca:1ybecome the members of the ASSOCiation and shall pay the sum of one hundred rupees as entrance fee and shall purchase at least one share of t'le face value of Rs. 1000/·. Each apartment Owners shall receive a copy of the bvc- laws on payment of Rs.500/-. 11. Upon any apartment Owners seiling his apartment or absolutely conveying the same by way of gift under his w°l! or other..... ise. the purchaser or donee shall automatically become a member of the Association and shaJi be admitted as member on payment of the entrance fee of one hundred rupees. The shares held by an apartment payment of Ten thousand rupees to the Asscciation. iii. On the death of an apartment Owrers, h!sjher/tte'r apartment s~a'l be transferred to the person or persons to whom he/she! they bequeaths the same by his/her/their will or to the legal representatives, hers of his/her estate, In case he/she has not made any spccj~c bequest of the apartment. The name of the legatees or the names of the lega representauves JOintlyshall be entered In the register o~apartmert O'l'lOcrs maintained by the Secretary for the purpose of administration of the ·PADMA VISHWA OXYFLOW APARTMENT" Condormnium as acertment owners or jo'nt apartment Owners. Where by a legalee .s a minor, the apartment Owners shall be entitled to appOint, a guardian of such minor. 6. JOINT APARTMENT OWNERS :- Where an apartment has been purchased by 1:\."'0or more persor:s they shall be entitlcd to the apartment Jointly and the snare of th.. Assccencn sha I be Issued In the.lr Joint names b.Jt the person whose name stands nrst In the st'ilrc ccrUrlCalcsshal alone have the fight to vote. 7. HOLDING Of ONE SHARE COMPULSORY :- Every apartmenl Owners must hold at least one share of the Association (jOint apertment Owners holding the share jo ntly). 8. DISOUALIFICATION:- NO apartment Owners shall be entitled to vote on the question of the eiecuon of rrembcrs of the board or the President, Secretary, Treasurer or a"ly other office bearer or be ent jed to stand for election to such off(:e f he!she Is In arrears, of any sum due from h mhe~ in respect of o:s/ her contri~Jjons for corrmon expenses, for more then sixty days on the last day of the year prececJlngthe year In which tne elections to Board wou'd take place. CHAPTER-II :: VOTING. OUORUM AND PROXIES :: 9. VOTING :-Voting shall be on equa' basis, I.e. one member wi I cast one vote. presence in person of a majority of OWnersshall constitute a quorum. 11. VOTE TO BE CAST IN PERSON :- Vote shall be cast In person. C HAP T E R - III :: ADMINISTRATION :: 12. POWERS OF OWNERS AND DUTIES OF ASSOCIATION :- The Association wlll have the responsibility of administering the "Padma Vishwa Oxyflow Apartment" Condominium approving lhe annual budget, establishing and collecting monthly assessment, maintenance and arranging for the management of the "Padma Vishwa Oxyflow Apartment" Condominium in an effkient manner. Except as otherwise provided, -esoiuno-is of the Assoclat.on shall require approval bv a majority of Owners, casting votes In person. 13. PLACE OF MEETINGS :- Meetings of the Association shall be held at suitable place convenient to the Owners as may from time to Lime be decided. 14. ANNUAL MEETINGS :- The lirst annual meeting of the Association shall be held on l!ot May 2021 8< thereafter on 1>1. day of "'1ayof each succeeding vcar. At such meetings there shall be elected by ballot of the apa-tment Owners a Board in accordance with the requirements of these bye-laws. The owiers may also transact such other business of the Association as may properly come before them. 15. SPECIAL MEETINGS :- It shall be the duty of the President to call a special meeting of the apartment Owners as directed by a resolution of the Board or upon a petition signed by a majority of the Owners and having been presented to the Secretary or at the request of the Housing Commissioner or as the case may be, the Registrar or any officer duly authorized by him In this behalf. The notices of any special meeUng shall state the time and place of such a meeting and the purpose thereof. No othe- business shall be transacted at a special meeting, except as stated in the notice without the consent of four- fifths of the Owners present In person. 16. NOTICE OF MEETING :- It will be the duty of the Secretary to mail or send a notice of each annual or special meeting, stating therein the t me and pace where it Is to be L:l.bQ~;e-1~tnl~mT\ent Owners, at least 2 but not 'lore than 7 days prior to such meeting. The mailing or sending of such a notices must be in the manner provided , the bye-laws shall be considered notice served. Notices of a meetl'1gSshal be mailed or sert to the HOl-s'ng CommIssioneror as tre case may be to t:t1eReglstrnr. 17. Adjourned Meetlng:- If In any neeting Owners cannot be organized because a quorum has not attended the OWnerswho are present, may adjourn the meeting to a t'me rot less than forty eigit hours from the time the original meeting was cal ed. l' at such adJourned meellng also, ro C:UONm is present the Owaers present In person being not less than two shall form a Quorum. 18. Order of Business :- The order of oiJslnesc;at all meetings of the Owners of units shall be as follows :- a) Rol Call. b) Proof of notee of meeting or waiver of nonce. c) Reading of mlru.tes of preceding meeting. d) Report of offeers. e) Report of the Iiousing Commissioner 01 the Rcglstrilr or of the Officer duly authorized by then, If present. f) Report of Committees. g) ElectiOn01 Board of ~1aragers. h) Unfinished BuSI"less,If a,y. I) New Business. CHAPTER IV BOARD OF MANAGERS 19. Management of Association:- The affairs of the Asscdation shall be governed by a Board of r"'anagers. 20. powers and duties of Board :- The Board of ''''anagers shall have the powers and dunes necessary tor the administration of the affillrs of the Assodanon, and may do all such acts and things as are not by law or by these bve-taws directed to be exercised and dare by the Owners. 21. OTHER punES :- In addttion to the duties imposed by these bye- laws or by resolutions of the Association, the Board shall be responsible for the following that IS to say. a) care, upkeep a'ld SUI"'eili1anager,personally or by mail, or telegraph at least three days prior to the day named fer such meetings. 28. SPECIAL MEETINGS :- Spccial ncct ngs of the Board may be called by the President on three cays' notice to each "'anager, given personally or by mall or telegraph Which notice shall stale the time, place (as hereinabove provided) and purpose of me meeting. Special meetings of the Board shail be called by the President or sccretarv In the like manner and on like notice on the written request of at tccst three ,.1anagers. 29. WAIVER OF NOTICE :- Before or at any meeting of the Board any f\ilanager,may In writing, waive notice of such meeting and such waiver shall be deemed equivalent to the giVing of such notice. Attendance by a Manager at any rreetlng of the Beard shall be waiver of notice, by him ot the time and place thereof. If a'i the Managers are present at any meeting of the Board, no notice shall be required and any business may be transacted at such meeting. 30. QUORUM :- I\t all meetlngs of the Board, one third of the total strength of the l>1anagersshall constitute a quorum for the transaction of business and the acts of the Ma1agers present at a mcetinq at which a quorum is present shall be the acts of the Beard. If, at any meeting of the Board, there be less than a quorum present, the majority of those present may adjourn the neeting from time to tirre. At any such adjourned meeting, any business which 'TIight have been transacted at