19

      the meeting as orginaliy callcd
      notice, provided there Is a quorum p~eSent.
 31. FIDELITY BONDS :- The Board may reqot-c that-"all o'f:cers and
      employees of the Association handling or responsible for Association
      fU1ds shall fur,isl1 adeouate fida"ity bonds    T'le ore-nlums 01 such
      bends shall be pa d by the Association.
                               CHAPTER - V
                               :j OFFICERS :;

 32. pESIGNATION        :-The prlndpal officer of the Assodat'on shall be a
      President, a Vice - Preside:'):,a secreta-v and a Treasurer, all of whom
      shall be elected by and from the Board.
 33. ELECTION OF OFFICERS ;- The officers of the Assoc atlen shall be
      elected a1nually by the Board at tre orqanizadon meetlrg of each new
      Board and shall held offices at the p'easure c&the Board.
  34. REMOVAL OF OFFICERS ;- Upon al" a"l ....latlvc vote of a majority of
      the members of the Board any officer may be reooveo, cttbcr with or
      without cause, and hIS sccccssor elected at any regular meet ng of the
      Board or et any special meeting of the Board caled for such purpose,
  35. PRESIPENT:-      111e Presldent shall be Chief Executive Officer of the
      Assodation. He shall P'e5 de at all mect:ngs of the Assocliltlon and of
      lhe Oo:Jrd" He shall have a I of the gcneral powers and duties which
      are usually vested in ttc office of president of an Association, Including
      but not limited to the power to appoint committee from among lhe
      Owners frOm time to timc as he may 1 his c'scretlcn dcc'de to the
      appropriate to assist in the conduct of the a~airs of the Assocet on.
  36. VICE-PRESlpENT        :- The Vlce-Presldert Shilll take place of the
       President and perform "" s duties whenever the President shall be
       absent or unab'e to act. If ne:ther the President nor the Vice-President
       Is able to act, tne Board sh"ll appoint some other member of the Board
       so to act on an Intenm basis" The Vice President s'1all also perform
       such other duties as sha!1from time to time be in-posed upon him by
       .'"Ie Board.
  37. SECRETARY ;- The Secretary she I keep the minutes of the meeting
       o" the Board and the minutes o~ a mee:i'l9s of the Association, he
L-__ s_h_all
          have charge of such books and papers gene~al as the Board may            I
                      _-

..
...
                                                                                  of


       .        ~        -.-.
. '38. TREASURER :- The Treasurer shall be responsible for funds and
           securities of the Assodation and shall also be responsible fer keeping
            full and accurate accounts of all receipts and disbursements In books
            belonging to the Association. He shall be responsible for the deposit of
            all moneys and other valuable erects In the r-ame and to the credrt of
            the Association in SUChdepositortes as may from time to time be            :
            designated by the Board.
                                     CHAPTER - VI
                 :: OBLIGATION OF THE APARTMENT OWNERS ::
      39. ASSESSMENTS:- All Owners are obliged to pay rnonth.v assessment
            Imposed by the Association to meet all expenses relating to "PADMA
            VISHWA OXYFLOW APARTMENT" Condomirium, which may include
            an Insurance premium for a policy to coyer repair and reconstruction
            work In case of hurricane, fire, earthquake or other hazard or calamity.
            The assessments shall be rrade pro-rata according to the value of the
            unit owned, as stipulated In the declaration. Such assessments shall
            Include monthly payments to a General Operating Reserve Fund and a
            ReserveFund for Replacements.
      40. MAINTENANCE AND REPAIR :-
           1)   Every Owners must prefer promptly, all maintenance and repair
                work within his own unit, which if omitted would affect "PADMA
                VISHWA·OXYFLOW APARTMENT" COndominium In entirely or In
                a part belonging Lo other Owners, being expressly responsible for
                the damages and liabilities that hiS failure to do so may endanger.
           2)   All the repairs of internal Installations of the unit such as water,
                light, gas, power, sewage, telephone, air conditioner, sanitary
                Installations, doors, windows, lamps and all other accessories
                belonging to the unit area shall be at the exoenses of the apartment
                Owners concerned.
           3)   An Owners shall reimburse the ASSOciationfor ar,y expenditure
                incurred In repairing Or replacing any common area and facility
                damaged through his fault
                                                •
                                          21

41.    use OF FAMILY UNITS- INTE                    A
      1)     All Flat units Shal be utilized for residential purpo
      2)     An Owners shall not maxe any structural modifications or alterations
              In his unit or installations located therein without           prev'ously
              notifying the Assodaten    In writing, through the President of the
              Board if no MU1ilgcr Is employed. The Association shall have the
              obligution to answer within thirty days and fallure to do so wlLhin
              the stlpu'ated time sl-all mean that there 15 no ob;ect on to the
              proposed modifications, alterations or mstauaucns.
42. USE OF COMMON AREAS AND FACILIDES                                 & RESTRICTED
           COMMON AREAS & FACIlmES                      :- An Owners shall not place or
           cause to be placed In the obotes, vesatibulcs, steirwavs, elevators and
           other   areas of   "PADMA       VISHWA           OXYFLOW      APARTMENT"
           Condominium and facilities of s'rnuar nature both common and
           restricted, any furniture, packa'Jesor objects of any kind such areas
           shall be used fo' no other purpose tnan for norrral transit through
           lhem
43. RIGHT Of ENTRY r-
  1) An Owners sha'i gra'lt the right of ert~ to the r.;anager or to the other
           person authorized by the Board or the Association ''I case of any
           emergency origln<lt,ng In or threaten;ng his unit, whether the Owners Is
           present at the trne or not.
  2) An Owners shall permit other Owners or their reprcscntanves when so
           requIred to enter hiS un,t for the purpose of performing Installat ens,
           alterations or repairs to the mechanical or electr.cal serv ces provided
           that requests for entry are made Ir'I adIIance and that such entry Is at a
           time con"~1 ert to tne Ollners.     In case of ar- e-nergency, such right of
           entry snat be imrned ate.
44. RULES OF CONPUCT :-
           1) No resident of "PADMA          VISHWA          OXYFLOW APARTMENT"
              Ccndominlu-n shall post any advertisement or posters of any kind In
              or on the building except as author1zedby the Assocauon.
           2) Res;cents shall exerdse extreme care about mal<lng noises or the
              use 0' musce instruments, radios, tE evislons a~d arrpliflers that


                                    ------_j
.,
~




                                                         rugs, etc. from the windows,

               balconies or from any of the facades of "PADMA                VISHWA
               OXYFLOW APARTMENT" Condominium.
         4) It Is prohibited to dust rugs, etc. from the windows or to clean rugs,
               etc. by beating on the exterior part of the said Condominium.
         s) It is prohibited to throw garbage or trash outside the disposal
               Installations provided for such purpose In the service areas. If such
               Installations Is not provided, all garbage or trash shall be collected in
               a vessel and thrown In the mu~lclpal dust bin.
         G) No Owners, resident or lessee shall In.stall wiring for electrical or
               telephone    Installation,   television   antenna,   machines or     air-
               conditioning units, etc. on the exterior of "PADMA            VISHWA
               OXYFLOW APARTMENT" Condominium or that protrude through
               the walis or the roof of the Condominium except as authorized by
               the Association.
                                     CHAPTER - VII
                       :: FUNDS AND THEIR INVESTMENTS ::
     45. FUNDS:- Funds may be raised by the ASSOCiationIn all or any of the
         following ways, namely :-
      a) By shares.
      b) By contributions and donations from the apartment Owners,
      c) From common profits which sha:l form the nucleus of the Reserve
         Fund,
      d) By raising loans, If necessary, subject to such terms and conditions as
         the Assodatlcn wIth approval of the Competent Authority, may
         determine In this behalf.
     46. INVESTMENTS           :- The Association may Invest or deposit its funds in
         one or mo-e of tr e following :-

      a) In the Central Co-Operative Bank or In tne State Co-operative Bank, or
      b) In any of the securities spedfled in Sec. 20 of the Indian Trust Act 1882
         or.
47. AFFILIATIONS          :- Should there be any Federation of apartment-
    Owners in the locality In which "PADMA              VISHWA   OXYFLOW
    APARTMENT-           condominium Is situate, the Assoclatlon may. after
    consulting the competent authority, become a member thereof ard pay
    the sums from time to time payable to such Federation under lhe rules

    thereof.
48. ACCOUNTS        :-
 1) A banking account sholl bp oecned by the Association In to which all
    moneys received on behalf of the Assoc:l.Jlion shall be dC;>oSited.
    prov ded that the Secretary may reta'n In his personal custody on
    amount not exceeding Rs.l,OOO/-       for petty   expenses. All pavnents
    above Rs. 500/- shall be m<lc!eby cheques s'~red by the Secretary, and
    one member of the Board.
 2) Each apartment owners shall have a pass book in which the Secretary
    shall enter amounts paid to or received ~r his share In receipts of
     profits from commen areas ard conutbutions towards common
    exoc-ses and his share of assessment and other dues, If any, In            I
     respect for his apa-trnent.
 3) The Association shall on or before 31 Sl July In each veer publish an
     audited annual finonclal statement In respect of the common areas and
     facit.ties containIng -
 a. The profit and loss account,
  b. The receipts and expendnu-es Of the prevlocs n~ncral year, and
  c. a surnma-v of the property and assets and liablliLes of the ccmmon
     areas and facilities of the Assocauon, giving such particulars as will
     disclose the gene'al nature o' these Ilabjl,tles and assets and how the
     value of fixe:! assets has been arrived at.                               I
  4) The audited flnandal statement shall be open to Ite Inspection of any
     member of the Associatio'\ during office boors and in the office of lhe
     Association and a copy trcreof shall be submitted to the competent
     a~thorlty not later than 15'" August every year.


                               ----.----------------------__j
                                                                                   •




   statement and s;'TIilar list of loonies. The r'"lanc al ST.a:ementshall state
    up to what date profits and expenses of common areas are Inc,udcd.
49. PUBLICATION OF ACCOUNTS AND REPORTS :- A copy of the last
    financial statement and of the report of the auditor, if any, shail be
    kept In a conspicuous place In the office of the Association.
SO. APPOINTMENT OF AUDITOR :- The Associadon shall appoint at Its
    genera meetirg, an auditor \·,-t.o sha'l audit the accounts of trc
    Association to be pre;:ared by the t:<:ardas herelnbefore provided and
    shail examine the annual return and verry tl'c same. wil '1 t~e accounts
    relating thereto and s'"Iaii either ~Ig'" the same as 'ou~d by him to be
    correct, du'y vouched and accordance with law, or spedally report to
    the Association In what respect the FundsIt Is incorrect. unvouched or
    not In accordance with law.
51. POWER OF AUPITOR :- The Audl:or shall be eot't'ed to call for an
    examine ary papers or documents belonging to the Association relating
    to the common areas and fadl,ties (indl..'di'lg 1mted common areas and
    filcilitles) il7'1d common expenses and shall make a spedal report to Ire
    Associatlon upon Llny matter connected wilh the accounts which
    appears to him to require notice,
                            CHAPTER - VIII
                           :: MORTGAGEES ::
52. NOTICE OF ASSOCIATION :. An Owners 1''hO mortgages n's unit,
    shall notify the Assooauon through the rv'arager, if any, or the
    Prcsicc1t o' the Board in the evert tnere Is no tl)anagcr, the name and
    address of his mortgagee and the Association shall rna '"Italn such
    Information in a bock titled I"ortgagees of Uni:S".
53. NOTICE OF UNPAID ASSESSMENT :- The Assoc.aticn shall at the
    request Of a mortgagee of a unit report any unpaid assessment due
    from the Owners of Suchunit.
                             CHAPTER - IX
                            :: COMPUANCE ::
54. COMPLIANCE :- These by-laws are set forth to c01)ply with the
    rcquiremerts of the Maharashtra Apartment OImefS7'1ip Act, 1970.          In
                                        ~;I       r{b (      /'oill
                                                <r
     case any of these by-laws con'll
     Is hereby agreed and accepted th!!r-r~';";;'nm:"m"rn.,,;~~

55. SEAL OF THE ASSOCIATION:- T'le Assooauon s;all have a common

     seal which shall be in the custody of the Secretary, and shall be used

     only under t1e authorty of a resolution of the Beard and every deed of

     Instrument to which the seal is affixed shall be attested for or on behalf

     of the Assocation by two members or the Board and the 5ecre:ary or

     any ot'ier person authorized by the Assodat:on In that behalf.

                               CHAPTER - X

       AMENDMENTS TO PLAN OF APARTMENT OWNERSSHIP

 56. AMENPMENTS Of BYE-LAWS :- 'hi! bye-laws may be amerced by
     the Association In II duly constituted meetlng for sl.ch purpose and no

     amendment sha' take effect unless approved by Owners representing
     at least 75% of tre ID:.l1 va'ue of all unIts In "PADMA VISHWA

     OXYFLOW APARTMENT" as shown In the Declaration.


IN VVITNESS ~VHER(OF THE PARTIES HERETO HAVE SIGNED
HEREUNTO ON THIS DAY DATE AND YEAR FIRST MENTIONED
t I(REINABOVE



SIGNED,SEALED 8. DEUVERED
BY WITHIN NAMED
GRANTOR OWNERS 8t DEVELOPERS
MIS. 51DDHI CONSTRUCTION
Through Its Partner
SHRI. JAG DISH VISHWANATH KANKREJ

                                              Grantor Owners & Developers




In the presence of ...