House building co-operative societies which have achieved their objectives.

House building co-operative societies which have achieved their objectives. In case of a house building co-operative society where all plots have been allotted to its members and basic civic services have been transferred to the local civic body, the Registrar shall, after giving sixty days' notice to the committee, initiate winding up proceedings and such co-operative house building society shall be wound up :

Provided that in the case of a co-operative house building society where land has been allotted on perpetual lease, before passing winding up orders the prior consent of the lessor shall be obtained.

Provided further that where a house building co-operative society has been provided land to run a club, school, community centre, dispensary or community facility, etc., by the lessor, the above provision shall not apply to such a co-operative house building society, if the general body decides to run these activities for the benefit of the members and the residents. (Added vide Notification No. F.14(31)/LA-2004/16 dated 17/01/2005)