Breaking of fd's of a co-operative housing scty

This query is : Resolved

ravisita@gmail.com (Querist)
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05 September 2011 Recently during the AGM of our co-operative housing society , the chairman proposed a resolution seeking breaking of the fixed deposits transferred by the developer to generate funds for bldg painting /fire fighting AMC & drill, etc amounting to Rs 9.60 lacs.

Is it appropriate to break the Scty FD's apart from collecting increased monthly maintenance ?

Can a member complaint to the Registrar of Society on it ?
.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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06 September 2011 First you have to find out whether the FD is out of Members Fund or Builder's fund. If it is members fund it can be pre-matured. If it is out of Builder's Fund then for which purpose it has been given is to be seen if no reasons and specification is given thenit can be done with the resolution passed in either AGM or EGM.

With the help of AGM and EGM anything can be done.

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