M-20 Bond FAQsPosted: December 13, 2012
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)
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