Step by Step Process To Housing society registration

Process To Housing society registration:

Step 1: Ten individuals required together who are desirous of forming a society
To form a society, law states that a minimum of ten members are required to form a cooperative society.

Step 2: Selection of chief promoter
The law states that at least ten persons are needed to form a housing society. A provisional committee selects a chief promoter by majority whichever their prefer must choose a person who will be a chief promoter of the society which is going to be formed by them.

Step 3: Naming of society
Once a chief promoter is selected by set of individuals among them, the promoter then have to decide the name of the society.

Step 4 :- Application has to be made to the Registration authority
Once the name of the society is selected by the members then they make a application to the registration authority stating that they have a intention to form a society and the name of the society has to be given to the authority for its approval and registering authority has to confirm that name is in conformity with laws and issue a confirmation certificate to the members.

Step 5 : Entrance fees and share capital
The entrance fee and the share capital must be collected from the concerned prospective members to meet the statutory requirement under law and it can be prescribed by the members or society act mandates certain fees to be paid by them.

Step 6 : Opening bank account
Once the fee and share capital is collect from the prospective members, after that a bank account in the name of the society is to be opened in the branch of bank permitted by the registrar. This step must be completed within 3 months of receiving name approval. This amount cannot be withdrawn unless the registration procedure is complete.

Step 7: Documents for housing society registration
The application of registration needs to be made with a set of required documents including :

1)       List of promoter members

2)        Four copies of the bye-laws

3)       Bank certificate

4)        Detailed explanation of working of the society

5)       Statement of accounts

6)        Affidavits and certificates from advocate

7)       Other documents such as indemnity bonds, any documents specified by the registrar also have to be submitted.

8)        7/12 extract

Step 8: Registrar has to acknowledge
The registrar of that municipal word has to enter the particulars in the book called the “register of application” which is generally specified in form B and give it a serial number to the application. There after the registrar has to issue a receipt to that effect and give it to prospective members to know the status of the application when it is pending.

Step 9: Registration
The registering authority after being satisfied with the documents meeting the legal requirements will notify the registration of the society in the official gazette mentioned by the state or central government and should issue the registration certificate of the society and give to the members of the society.