Dear Experts,
Whethere separate bank account is required to maintain for Reserve Fund by a Housing Co operative Society..
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Accounting for Reserve Fund
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Quick Summary
All busines maintain bank account.
co operative housing society can opt for a seperate bank account in order to have a seperate control.
co operative housing society can opt for a seperate bank account in order to have a seperate control.
No seperate bank account is required by CHS
This is in Maharashtra under MCS Act. It is under State Acts.
However such reserve funds are usually invested into bank fixed deposits FDR and these FDs are mandatorily to be earmarked against each reserve fund.
(Such as Sinking Fund, Repair Fund, Builder Corpus Fund, General Reserve etc)
This is in Maharashtra under MCS Act. It is under State Acts.
However such reserve funds are usually invested into bank fixed deposits FDR and these FDs are mandatorily to be earmarked against each reserve fund.
(Such as Sinking Fund, Repair Fund, Builder Corpus Fund, General Reserve etc)
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