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XIV.WRITING OFF OF OUTSTANDING FOUND IRRECOVERABLE

150. Subject to the bye-law No. 151, the society may write off any loan and interest thereon. Society’s charges due from the members, the expenses incurred on recovery thereof and the accumulated losses, which are certified as irrecoverable by the Statutory Auditor. 151. The amounts mentioned in the bye-law No. 150 shall not be written off unless:

(i) the meeting of the general body of the society has given due sanction for writing off the amounts;
(ii) the approval of the financing agency to the writing off of the amounts, if the society is indebted to it, is obtained;
(iii) The approval of the Registering Authority is obtained. Provided that, if the society is affiliated to the District Central Co-operative Bank or any other financing agency but is not indebted to it, the permission of the Bank or the financing agency is not necessary.

Provided further that, if the society is classified as A or B at the last Audit, no such permission of the Bank or the financing agency or the Registering Authority is necessary, if there is sufficient balance in the bad debt fund, specially created for the purpose to cover the amount proposed to be written off. As per Section 67 as amended in 1994.