The Association shall become a member of a federation of the Associations of Apartment Owners and shall pay the subscription to it from time to time and shall also follow the instructions and directions issued by such federation.
49. Accounts—
(1) The Association shall open a banking account and deposit the money received on behalf of the Association. The Secretary may retain in his personal custody an amount not exceeding Rs. 20000/- for petty expenses.
All payments above Rs. 2500/- shall be made by cheque, signed by the Secretary and one member of the Board.
(2) Each apartment owner shall have a passbook in which the Secretary shall enter amounts paid to or received for his share in receipts of profits from common areas and contributions towards common expenses and his share of the assessment and other dues if any, in respect of his apartment.
(3) The Association shall on or before the 31st day of July in each year publish an audited financial statement in respect of the common areas and facilities containing,-
(a) the profit and loss accounts;
(b) the receipts and expenditure of the previous financial year; or
(c) a summary of the property and assets and liabilities of the common areas and facilities of the association giving such particulars as will disclose the general nature of these liabilities and assets and how the value of fixed assets have been arrived at.
(4) The audited financial statement shall be opened to the inspection of any member of the Association during office hours and a copy shall be submitted to the Competent Authority not later than the 15th day of August of every year.
(5) Every financial statement shall be accompanied by a list of the apartment owners and the similar list of loanees.
(6) The association shall send a summary of its audited financial statement to its every apartment owner within a period of 15 days from the date of the publication of its audited financial statement referred to in sub-clause (3) above.
50. Publication of Accounts and Reports—A copy of the last financial statement and of the report of the auditor, if any, shall be kept in a conspicuous place in the office of the Association.
51. Appointment of Auditors—The Association shall appoint at its general meeting an auditor who shall audit the accounts of the Association to be prepared by the Board.
52. Power of Auditor—The auditor shall be entitled to call for and examine any papers or documents belonging to the Association relating to the common areas and facilities and common expenses and shall make a special report to the Association upon any matter connected with the accounts which appears to him to require notice.
CHAPTER VII MORTGAGES
53. Notice to Association—If an owner mortgages his unit, he shall notify the Association through the office bearer or President of the Board, the name and address of the mortgagee and the Association shall maintain such information in a book entitled "Mortgagees of Units".
54. Notice of un-paid Assessments—The Association shall, at the request of a mortgagee of a unit, report any un-paid assessment due from the owner of such unit.
CHAPTER VIII COMPLIANCE
55. Compliance—These bye-laws are set forth to comply with the requirement of the Act. In case any of these bye-laws conflict with the provisions of the Act it is hereby agreed and accepted that the provisions of the Act shall prevail.
56. Seal of the Association—The Association shall have a common seal which shall be in the custody of the Secretary and shall be used under the authority of a resolution of the Board and every Deed of Instrument to which seal is affixed shall be attested for and on behalf of the Association by two members of the Board and the Secretary or any other person authorised-by the Association.
CHAPTER IX
57. Power of competent authority to inspect the building- The competent authority, suo motto or on an application, may make an inspection of the building to which the Act applies. A memo of inspection may also be prepared by the competent authority about the status of the building including the common areas and facilities and, thereupon, the competent authority may take such action in respect thereto as may be deemed necessary by him.
CHAPTER X AMENDMENTS TO PLAN OF APARTMENT OWNERSHIP
58. Amendment of Bye-Laws—These Bye-laws may be amended by the Association in a duly constituted meeting for such purpose and no amendment shall take effect unless approved by owners representing at least two third of the total number of the units in the building with the prior approval of the competent authority.
(Ravindra Singh) Principal Secretary