Creation, maintenance and utilisation of building maintenance fund

(1) A co-operative housing society, which owns land or building, shall maintain a building maintenance fund by collecting from its members contributions to the extent and in the manner as may be provided in its bye-laws. (2) The building maintenance fund shall be utilised only for the purposes of repairs and maintenance of the building, common facilities and amenities and for carrying out such structural additions and alterations to the building which are likely to increase its life. (3) The building maintenance fund of the co-operative housing society, when not required by it for its immediate use, shall ordinarily be invested with the apex housing finance society of the State or as per the provisions contained under section 55 of this Act.