(1) A co-operative housing society which owns land or building shall maintain a corpus of building maintenance fund by collecting money from its members as their contribution to the extent and in the manner as may be fixed annually by the general body meeting.
(2) The building maintenance fund shall be utilised only for the purposes of repairs and maintenance of the building and for carrying out such structural additions and alterations to the building which are essential for the safety of the building and 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 be invested with the apex or financing bank.
(4) A corpus for replacement fund shall be created annually through a budget provision duly approved by the general body of members of the society and shall be utilized only for replacement of building in course of time.
Registration of mortgage in favour of co-operative housing society or apex.
82. Notwithstanding anything contained in the Registration Act, 1908 (16 of 1908), it shall not be necessary to register mortgages, executed in favour of cooperative housing society or apex provided that the co-operative housing society or apex sends, within a period of sixty days, a copy of the instrument whereby the property is mortgaged or a written declaration creating a charge on such property in the prescribed form and manner to the registering officer within whose jurisdiction the whole or part of the mortgaged property is situated and such registering officer shall file a copy or copies thereof, as the case may be, in Book No.1 prescribed under section 51 of the Registration Act, 1908 (16 of 1908).
Settlement of disputes.