In Focus

Society member has every right to inspect books of accounts

By Gajanan Khergamker

Every member of a cooperative housing society shall be entitled to inspect at no cost too, at the cooperative housing society’s office during office hours, or any time fixed for the purpose by the society, a copy of the Act, the rules and the bye-laws, the last audited annual balance sheet, the profit and loss account, a list of the members of the committee, a register of members, the minutes of general meeting, minutes of committee meetings and those portion of the books and records in which his transaction with the society have been recorded.

Moreover, a cooperative housing society is bound to furnish to a member, in request in writing and on payment of such fees as may be prescribed thereof, a copy of any of the documents mentioned in the foregoing sub-section within one month from the date of payment of such fees.

In Saijad v. Ismail Abad Co-operative Housing Society 1966, it was held that when an application is made under this section for inspection of certain documents, the housing society is bound to give inspection of certain other documents besides these which are mentioned in this Section, but those documents which are referred to the case or claim made or disputed.

In Janata Sahakari Bank v. Dhansukhalal 1978, it was held that this section conflicts with the provisions of Section 34 of the Banking Regulation Act, 1949 under which a co-operative bank can refuse to produce documents of confidential nature. Therefore, it has been held that the Registrar cannot order a bank to give inspection of such documents which are confidential.

To avail a legal service, an expert opinion or an appointment with Solicitor and Property Law Expert Gajanan Khergamker, call 8080441593