Re-introduction of Form M-20 Bond in January 2021
2 weeks ago
Can anybody provide the notice issued by Government of Maharashtra in January re-introducing form M-20 bond required to be executed by newly elected committee members of a housing co-op society
A.Dear Client,
In January 2021, the Maharashtra government issued a notification stating that all elected members of the managing committee (MC) of cooperative housing societies, established under the Maharashtra Co-operative Societies Act, 1960, must sign a bond. This bond holds them collectively and individually liable for all decisions made by the committee. The MCS (Amendment) Rules, 2002, introduced a new form, M-20, requiring elected committee members to acknowledge their joint and several responsibility for any actions or oversights that may harm the society's interests.
In January 2021, the Maharashtra government issued a notification stating that all elected members of the managing committee (MC) of cooperative housing societies, established under the Maharashtra Co-operative Societies Act, 1960, must sign a bond. This bond holds them collectively and individually liable for all decisions made by the committee. The MCS (Amendment) Rules, 2002, introduced a new form, M-20, requiring elected committee members to acknowledge their joint and several responsibility for any actions or oversights that may harm the society's interests.
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A.Dear Client,
The Maharashtra government in January 2021 notified that all elected members of the managing committee (MC) of cooperative housing societies established under the Maharashtra Co-operative Societies Act, 1960, have to execute a bond holding them ‘jointly and severally’ responsible for all the decisions the committee takes. Under the MCS (Amendment) Rules, 2002, a new form, M-20, has been inserted, whereby elected members of the managing committee have to declare they are jointly and severally responsible for all the acts and omissions detrimental to the interests of the society. You may access the notice on the official website of the Maharashtra Government.
The Maharashtra government in January 2021 notified that all elected members of the managing committee (MC) of cooperative housing societies established under the Maharashtra Co-operative Societies Act, 1960, have to execute a bond holding them ‘jointly and severally’ responsible for all the decisions the committee takes. Under the MCS (Amendment) Rules, 2002, a new form, M-20, has been inserted, whereby elected members of the managing committee have to declare they are jointly and severally responsible for all the acts and omissions detrimental to the interests of the society. You may access the notice on the official website of the Maharashtra Government.
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