M-20 Bond FAQs

Q-01. Whether M-20 bond is compulsory for all the committee members?
Ans: MC Members of co-operative housing societies in Maharashtra are exempted from signing M 20 Bonds w.e.f. 06.09.2012.

02. What is the effective date for filing M-20 bond
Ans: Within forty five days of their election (Within 15 days in case of committees having assumed the office prior to 14.01.2011 and within 45 days in case of committees assuming the office after 14.01.2011 as per the Maharashtra co-operative societies (Amendment) Act, 2010 (MAHARASHTRA ACT NO.11 OF 2011) published in the “Maharashtra Government Gazette” Dated.14.01.201 1).
If the Managing Committee member fails to execute the bond within the specified period, then such member shall be deemed to have vacated his office as member of the Managing Committee.

03. Whether M-20 bond is to submit to registrar is compulsory.
Ans: Although Rule 58(a) says to notify the Deputy Registrar about M – 20 Bonds having signed, it is important to submit copies of M-20 Bonds to the registrar under acknowledgement.

Q – 04. When was this law is made (i.e. from which year is effective)
Ans: Signing of M – 20 Bonds for housing societies was given effect by Section 73(1AB) of the MCS Act., 1960 R/w Rule 58 (a) of MCS Rules, 1961 w.el. 23.08.2000.

05. Whether as on today this law is applicable.
Ans: No. Govt. has exempted co-operative housing societies from the provision of signing mandatory M-20 Bonds. The GR No. CSL – 2012 / P.R. 402 / 15 – S, Dated 06.09.2012 for exemption is announced using powers U/s. 157 of MCS Act, 1960 (1961 Mali 24)

Relevant all GRs available our Association office Contact 42551414

J.B.Patel (jeby)- HOUSING SOCIETIES ACTIVIST Mobile : 9820538570, Eamail : jebypatel@rediffmail.corn


4 thoughts on “M-20 Bond FAQs

  1. If elections were held on 19/02/2012, before exemption date of 06/09/2012, and if there is fraud in filling the Bond does the Managing Committee has the validity to exist? Can members file a petition to competent authority?

  2. I have a similar query. In my society elections were held in 2009 .M-20 bond were signed by the Managing Committee Members on 14/04/2009 for a period of only one year ie till 13/04/2010. Two committee members have resigned , but secretary continues to blacmail other members of society . He has not held any elections to date.We have Petetioned the Dep Registrar & the Registrar before in july of 2012 under section 73 . but till now no action . Can we file Writ of Mandamus In Mumbai High Court to get Administrator appointed ? Please Help
    My No : 9890880702

  3. We stay in outer society where committee was elected in 18 th august 2012.we have gone in process of re development of our society. Our committee members have not filled up m 20 bonds.what can be done to keep our process in line with the law.

  4. A society managing committee members have not filed M-20 bonds after election ( election not done as per legal election procedure) and AGM held in 2004 didn’t elect any managing committee members as per minutes and few members of society gathered and called to have formed managing committee themselves and assumed charge but didn’t file M-20 bonds for next six years (5 yrs and 11 months) and on 27.07.2010 they executed and filed on Rs. 100/- stamp paper instead of Rs. 200/- stamp paper as per Bombay Stamp Act, 1958 , thereafter on 13.08.2010 AGM was called (after gap of six years, i.e. also without seeking extension of time from deputy registrar, even AGM was not called for six years together and so called AGM on 13.08.2010, six members were called to be elected , without any minutes written for same till date and such new managing committee members executed and filed on 06.09.2010 (on 25th Day from so called election on 13.08.2010) on Rs. 100/- stamp paper.

    Whether present managing committee is valid and have right to go ahead with society redevelopment ?

    Please reply asap.

    – Veejhay C Shaah
    09820073350 (Mumbai)

    veejhaycshaah at gmail dot com.

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