Name
1. The name of NCHF shall be ‘The National Cooperative Housing Federation of India Limited’.
Area of Operation
2. The area of operation of NCHF shall extend to whole of the Union of India.
Registered Office
3. Registered office of NCHF will be at 6A/6, Siri Fort Institutional Area, August Kranti Marg, New Delhi-110 049.
Definitions
4. In these Bye-laws, unless there is anything repugnant in the subject or context:
(a) The ‘NCHF’ means the `The National Cooperative Housing Federation of India Limited’.
(b) ‘Central Registrar’ means the Central Registrar of Cooperative Societies appointed, or a person on whom powers of the Central Registrar are conferred, under the Multi-State Cooperative Societies Act, 2002. (c) ‘Cooperative Year’ means the year ending 31st day of March of the year.
(d) ‘Member’ means a person joining in the application for registration of NCHF or who has been admitted to membership in accordance with the provisions of the Act, the Rules and the Bye-laws.
(e) ‘The Board’ means the Board of Directors of NCHF.
(f) ‘General Body’ means all the members of NCHF except the nominal members.
(g) ‘Act’ means the Multi-State Cooperative Societies Act, 2002.
(h) ‘Rules’ means the Multi-State Cooperative Societies Rules framed under the Act.
(i) ‘Bye-Laws’ means the Bye-laws for the time being in force, which have been duly registered or deemed to have been registered under the Act and includes amendments thereto, which have been duly registered or deemed to have been registered under the Act.
(j) ‘Cooperative Principles’ means the cooperative principles specified in the First Schedule of the Act.
(k) ‘National Cooperative Society’ means a multi-state cooperative society specified in the Second schedule of the Act.
(l) ‘Cooperative Housing Society’ means a society, the object of which is to provide its members with open plots for housing dwelling/flats and common amenities & services.
(m) ‘Auditor’ means a person appointed by the General Body to audit the accounts of NCHF.
(n) ‘Dividend’ means the amount paid out of the profits/ surplus of NCHF to a member in proportion to the shares held by him.
(o) ‘Flat’ means an apartment or flat which is a self- contained housing unit that occupies only part of a building. Such a building may be called an apartment building, block of flats or, especially if it consists of many apartments/flats for rent. Apartments may be owned by an owner/occupier or rented to tenants.
(p) ‘NHB’ means National Housing Bank established under National Housing Bank Act 1987 (953 of 1987).
(q) ‘LIC’ means Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956).
(r) ‘Officer’ means a person elected or appointed by NCHF to any office according to its Bye-laws and includes Chairman, Vice-Chairmen, Director, Managing Director, to give directions in regard to the business under the Act, Rules and Bye-laws.
(s) ‘Special Resolution’ means a resolution of the General Body of NCHF which has approval of more than fifty percent of the members having right to vote and not less than 2/3rd of the members present and voting at the meeting in which it was passed.
(t) ‘Nominal member’ means a person who has been admitted as a nominal member under the bye-laws of NCHF.
(u) ‘Delegate’ means a person who is duly nominated by a member institution in accordance with the provision of Section 38(3) of the Act as its representative to the General Body of NCHF.
Objects and Functions
5. The main objects of NCHF shall be to promote, coordinate and facilitate the operations of member organisations and cooperative housing societies to enable them to provide affordable houses/flats to their members. In pursuance of these main objects, the NCHF may undertake one or more of the following activities :
(1) To provide a common forum for dealing with technical, financial and practical problems relating to cooperative housing and to devise ways and means of solving these problems.
(2) To organize conferences, conventions, seminars, working groups etc. relating to cooperative housing and allied matters.
(3) To carry on publicity and propaganda of Cooperative Housing Movement and for the said purpose to arrange for the publication of periodicals, news bulletins and journals, exchange statistics and information relating to cooperative housing.
(4) To raise funds by borrowing or otherwise.
(5) To grant loans or advances to the members.
(6) To manage, sell and realize property, moveable or immovable, to acquire and hold and generally deal with any property and any right, title or interest in any property, moveable or immovable; to construct, acquire, maintain and alter any building necessary or convenient for the purpose of NCHF and sell, manage, develop, exchange, lease mortgage, dispose of or otherwise deal with any property or rights of NCHF.
(7) To coordinate and guide the working of member organizations and to render services to the members in respect of planning and construction etc. of houses and make available expert advice/services for this purpose.
(8) To open Building Centres and also to procure through stockist-ship/dealership, manufacture, stock and supply building materials to housing cooperatives and general public.
(9) To organize research work with the objective of:
(i) increasing the social and economic benefits of members of housing cooperatives;
(ii) improving the resource generating capabilities and house construction practices of housing cooperatives;
(iii) promoting the application of appropriate technologies, designs and materials for achieving economy in construction costs; and
(iv) collection, storage, retrieval and dissemination of data/information on cooperative housing activities.
(10) To organize apex cooperative housing finance societies/federations/corporations in those States where such organizations do not exist.
(11) To assist Member Organisations in obtaining loans from Government, LIC, NHB, HUDCO or any other financing agency specialized in advancing loans for housing including international organizations.
(12) To establish contacts with the Institutions in India as well as outside India, carrying out the research work in housing sector and to keep the member organisations informed about the improvement and research made in the housing sector by these Institutions.
(13) The NCHF shall become the member of National and International Level Cooperative Institutions which are interested in the Cooperative Housing Movement.
(14) To carry on agency business of every kind and description connected with the house construction activities.
(15) To undertake such other activities as are conductive or incidental to the attainment of the main objectives of NCHF.
(16) To promote one or more subsidiary institution with the approval of General Body which may be registered under any law for the time being in force for the furtherance of its stated objects.
(17) To organize cooperative education, training and information programmes for its members, directors, employees and personnel of housing cooperatives and to provide funds for this purpose.
(18) To enter into collaboration with national or international Agency(s) or body(s) for manufacturing, distribution, import and export of building materials, fitting and fixtures and also facilitating transfer of cost-effective technologies in construction and manufacturing of building materials for the benefit of housing cooperatives and member institutions
(19) To get insure the properties of housing cooperatives against various perils from insurance companies.
(20) To enter into agreement with the Government of India/State Governments/Government organisations/ Statutory organisations/ cooperative organisations/ private builders/promoters for collaboration or construction/redevelopment and other major works.
(21) To purchase land from the Government Organisations/Private owners and construct houses/ flats and commercial complexes on its own or in collaboration with member organisations.
(22) To buy or acquire land and develop it for distribution among members/prospective members and provide common amenities like roads, drainage, street lights, parks, playgrounds, schools, colleges, hospitals, community halls, water works, shopping malls, post office, banks, places of worship.
(23) To undertake work relating to the structural audit of the cooperative housing societies.
(24) To undertake construction of rental housing in major cities across the country.
(25) to open branches of NCHF in various parts of the country.
(26) (a) To ensure compliance of cooperative principles.
(b) To make model Bye-laws of housing cooperatives
(c) To promote harmonious relation among member institutions.
Membership
6. (a) The membership of the NCHF shall be open to:
(i) The State level apex cooperative housing finance societies/federations/corporations set- up with the main object of providing long term loans to their affiliated primary cooperative housing societies as well as individual members.
(ii) Multi-State Cooperative Housing Federations/Corporations.
(iii) The Central Government
(iv) A State Government.
(v) The National Cooperative Development Corporation established under the National Cooperative Development Corporation Act, 1962 (26 of 1962)
(vi) Any other corporation owned or controlled by the Government.
(vii) Any Government company as defined in Section 617 of the Companies Act, 1956 (1 of 1956).
(viii) Such class or classes of persons or association of persons as may be permitted by the Central Registrar having regard to the nature and activities of NCHF.
(b) Every member, except the Government on admission shall pay Rs.1000/- as admission fee, which shall not be refundable in any case.
Every member shall hold minimum of twenty five (25) shares. No member shall hold more than one- fifth of the total shares of NCHF except the institutions mentioned in Bye-law No.6(a)(iv to viii). The Government of India may hold maximum of five thousand (5000) shares.
(c) Nominal Members
Any Government company as defined in Section 617 of the Companies Act, 1956 or any other Corporation owned and controlled by the Government and such other persons, societies, institutions, public sector undertakings, Government agencies, housing organizations and institutions engaged in research and building materials technologies not covered in Bye-law No. 6(a) above, with whom NCHF is likely to have business thereof provided the application for admission for such membership is received alongwith the admission fee of Rs.1000/- and is duly accepted by the Board of Directors, may be admitted as nominal members. Such admission fee shall not be refundable in any case. Such members shall not be entitled to subscribe to the shares of NCHF or have any interest in the management thereof including right to vote, elect as Director of the Board or participate in the General Body Meetings or in the sharing of its profits and assets.
(d) No individual shall be eligible for the membership of NCHF.
(e) Procedure for obtaining the membership of NCHF.
The application for membership of NCHF shall be submitted by the person authorized by the Competent Body of the society/institution seeking membership of NCHF. The application shall be submitted in the prescribed form and accompanied by the following documents:
(i) an attested copy of the Bye-laws/Memorandum of Association of the society/institution
(ii) an attested copy of the Resolution passed by the Competent Body of the society/institution deciding to obtain the membership of NCHF and authorizing the person for submitting the application.
(iii) a copy each of the latest Annual Report, Audit Report of the society/institution;
(iv) an attested copy of the registration certificate of the society/institution;
(v) bank draft towards admission fee and share capital subscription as per NCHF Bye-law No.6(b) and 9(a)(1).
The application found complete in all respects will be placed before the Board of Directors for its approval.
Every application for membership shall be disposed off within a period of 4 months from the date of receipt of the application and the same shall be communicated to the applicant society/institution within 15 days of the decision by Registered/Speed Post.
(f) Rights of Members
Every Member of NCHF otherwise eligible shall have the following rights as per Bye-laws of NCHF.
(i) Right to vote;
(ii) Right to receive notice and attend the general body meetings;
(iii) Right to attend and take active part in the proceedings of the committee of which he is a member;
(iv) Right to take part in elections and contest for any post as per the provisions of the Act, Rules and Bye-laws of NCHF.
Cessation of Membership
7. Membership of NCHF shall cease:
(a) On the cancellation of registration or liquidation of a member institution.
(b) On a member institution deciding to resign, provided that such a decision is duly communicated to NCHF. Disaffiliation in such a case shall take effect after three months from the date of receipt of such resolution by NCHF.
(c) On a member institution failing to represent in three consecutive General Meetings of NCHF and such absence has not been condoned by the majority of members in General Meeting.
(d) On a member making default of any payments to NCHF and such payments have been due and payable for a period of two years.
7(A) Expulsion of Members
A member institution may be expelled if in the opinion of the board it has brought disrepute to NCHF or has done any other acts which are detrimental to the interest of NCHF provided a resolution to that effect is passed by a majority of not less than two-thirds of the members present and voting at a General Meeting of members held for the purpose and member concerned has been given reasonable opportunity of making representation in the matter. No member of NCHF, who has been expelled, shall be eligible for re-admission as a member for a period of one year from the date of such expulsion.
7(B) Removal of Elected Members
An elected member of the Board, who has acted adversely to the interests of NCHF, may on the basis of a report of the Central Registrar or otherwise be removed from the Board upon a resolution of the general body passed at its meeting by a majority of not less than two-third of the members present and voting at the meeting:
Provided that the member concerned shall not be removed unless he has been given a reasonable opportunity of making a representation in the matter.
Liabilities
8. The liability of the members in the event of liquidation of NCHF shall be limited to the value of their shares and the amount of subscription payable by them on the date of liquidation.
Funds
9. (a) The funds of NCHF shall be raised as under:-
(1) The authorized share capital of NCHF shall be Rupees Ten crore made up of 1,00,000 shares with face value of Rs.1,000/- each to be allotted generally to the State level apex cooperative housing finance societies/ federations/corporations and other members;
(2) Annual Subscription payable by members at the rate fixed by the General Body from time to time;
(3) Deposits from members;
(4) Loans and advances;
(5) Donations, contributions and grants, from the
members, Government and others;
(6) Sale proceeds of publications, journals,
periodicals etc.
(7) Share capital contributed by the Government;
(8) Profit;
(9) The total amount of deposits and loans received by NCHF during any financial year shall not exceed ten times of its paid-up share capital and reserves.
(b) The NCHF may also create (i) Cooperative Education, Training and Information Fund (ii) Corpus Fund (iii) Reserve Fund (iv) Development Fund (v) Building Fund; and any other Fund as decided by the General Body from time to time.
9(A) Investment of Funds
The funds of NCHF when not employed in the business shall be invested or deposited in any of the Cooperative Bank, State Cooperative Banks, Cooperative Land Development Bank or Central Cooperative Bank; or in any of the securities specified in Section 20 of the Indian Trusts Act, 1882; or in the shares or securities of any other Multi-State Cooperative Society or any Cooperative Society; or in the shares, securities or assets of subsidiary institution or any other institution or with any Bank.
Payment of Subscription
10. The Annual Subscription payable by the member must be remitted before 30th June every year. If the annual subscription is not paid before the end of June every year, the defaulting member shall not exercise the rights of membership till the arrears of subscription are paid. In the event of default by a member in the payment of annual subscription the representative of such member if holding the office of NCHF shall cease to hold such office.
10(a)In case of continuous default in payment of Annual Subscription for the preceding two years of election, the representative of such member institution shall not have the right to participate and cast vote in the election.
General Body
11. (i) The General Body of NCHF shall consist of all its members except the nominal members. Each member institution shall be represented by one delegate elected/nominated to the General Body by the member institution. Where in any meeting of the General Body or the Board of NCHF, a cooperative society or another Multi-State Cooperative Society is to be represented, they shall be represented in such meeting only through the Chairman/President or the Chief Executive or a member of the Board, if such member is so authorized by the Board of such cooperative society or other Multi-State Cooperative Society as the case may be and where there is no Board of such cooperative society or other Multi-State Cooperative Society, for whatever reasons, through the Administrator, by whatever name called of such cooperative society or other Multi-State Cooperative Society.
(ii) The representatives of the Government of India, NHB and LIC on the Board shall be invited to the General Body meetings as Special Invitee.
(iii) The delegates of member society will be nominated for a period of 5 years by a resolution of the General
Body or Management or other competent body of the member society as the case may be. Such delegates shall continue to function till otherwise their nominations is withdrawn by a competent authority of the Society. In case of change of delegate a 30 days notice shall be given and new delegate shall function for the unexpired term of the original delegate.
Ultimate Authority
12. The ultimate authority in all matters relating to the administration of NCHF shall vest in the General Body as provided in the Act.
Meeting
13. A General Body meeting of NCHF shall be held every year not later than six months after the close of corresponding year.
Notice
14. At least 14 days’ notice in writing shall be given for a meeting of the General Body. The notice shall be accompanied by a copy of each of the audited balance- sheet, profit and loss account together with the auditors report relating to the preceding year and the report of the Board of Directors thereon and specify the date, venue and time of the meeting and the agenda for the meeting. The meeting will be held at the principal place of the NCHF.
Quorum
15. (a) One fifth of the total number of members subject to a minimum of five shall form the quorum for a general meeting.
(b) If the quorum is not formed within half an hour of the time fixed for the meeting, the meeting shall stand adjourned to a date not beyond seven days thereof, as determined by the Chairman of NCHF. The agenda for such adjourned meeting shall be the same as for the original meeting. No quorum shall be necessary for the adjourned meeting.
Powers and Functions of General Body
16. The powers and functions of the General Body shall be as under :-
(1) To approve Annual Report, Annual Receipts and Expenditure Statement, Annual Budget and Annual Plan of work and to fix the credit limits.
(2) (a) To elect members of the Board of Directors.
(b) To remove the elected member of the Board of Directors who has acted adversely to the interests of NCHF.
(3) To consider the annual audit report/audit compliance report.
(4) To amend the bye-laws of NCHF.
(5) To declare dividends and appropriate profits.
(6) To create Cooperative Education, Training and Information Fund; Corpus Fund; Reserve Fund; Development Fund; Building Fund and any other fund for the benefit of NCHF.
(7) To appoint Statutory Auditor out of the panel approved by the Central Registrar or from the panel of auditors approved by the Board of NCHF who will function upto the conclusion of the next annual general meeting.
(8) To formulate code of conduct for members of Board of Directors and Officers of NCHF.
(9) To expel members
(10) To review annual report and accounts of subsidiary institution.
(11) To review actual utilization of reserve and other funds.
(12) To consider any other business brought forward with the permission of the Chairman of the General Body.
17. (a) All matters before the General Body shall be decided by majority of votes and each member shall have only one vote. In the event of tie, the Chairman of the meeting shall have a casting vote in addition to his ordinary vote.
(b) All business discussed or decided at the meeting of the General Body shall be recorded in the Minutes book within 30 days, which shall be signed by the Chairman of the meeting and the Chief Executive.
(c) Every member shall exercise his vote in person and no member shall be permitted to vote by proxy.
The delegate of a member institution which has not been a member of NCHF for at least 30 days before the date of General Body meeting may attend the General Body meeting but shall not be eligible either to exercise the right to vote, participate in the election or to contest election for any post.
Delegates from defaulting member institution shall not be entitled to exercise the right to vote or to seek election to any office.
Chairman of the General Meeting
18. The Chairman of NCHF and in his absence, the Vice- Chairman and in the absence of both, any member elected by the General Body shall preside over the meeting of the General Body, ordinary or special.
Special General Meeting
19. (i) A special meeting of the General Body may be convened by the Chief Executive on the direction of the Board and such meeting shall be called within one month after receipt of requisition in writing from the Central Registrar or from at least one half of the members of NCHF specifying the subjects for discussion.
(ii) At least seven days notice shall be given for a special meeting of a General Body.
(iii) In case a requisitioned meeting could not be held for want of quorum, the requisition shall lapse.
Board of Directors
20. The Board of Directors shall consist of:-
1. 19 delegates from member institutions. All the representatives of member institutions will elect 19 Directors. Each member will have 19 votes to be cast through single ballot.
2. Two nominees of the Central Government.
3. Chief Executive of NCHF.
4. Two persons will be coopted one each from the National Housing Bank (NHB) and the Life Insurance Corporation of India (LIC) to facilitate regular financial support from funding institutions.
5. At the first meeting of the Board, the Directors shall elect a Chairman and two Vice-Chairmen.
6. No member of the Board shall be eligible to be elected as Chairman or Vice-Chairmen of the NCHF,
if such member is a Minister in Central or State Government and/or holding any office in more than one Multi-State Cooperative Society. No member of the Board shall be eligible to be elected as Chairman after he has held office as such during two consecutive terms, whether full or part, provided that a member, who has ceased to hold office of the Chairman continuously for one full term shall again be eligible for election to the office as such. The term of the Chairman and Vice-Chairmen shall be co-terminus with the term of the Board of Directors. In case of any casual vacancy, the Board will fill-up the vacancy through election for the un- expired term of the Board.
20(A) Disqualification for being a Member of Board
A Member of the Board of Directors shall be cease to hold office if he:
(a) Is retained or employed as a legal practitioner on behalf of NCHF or against NCHF on behalf of or against member institution.
(b) Has been convicted for any offence under the Act involving moral turpitude.
(c) Absents himself from three consecutive Board meetings and such absence has not been condoned by the Board.
(d) Absents himself from three consecutive General Body Meetings and such absence has not been condoned by the members in the General Body.
(e) A person shall not be eligible for being elected as member of Board of NCHF for a period of five years if the Board fails:
(i) to conduct elections of the Board under the Act; or
(ii) to call the Annual General Meeting under the
Act; or
(iii) to prepare the financial statement and present the same in the Annual General Meeting.
21. (a) (i) The Chairman of NCHF, when present, shall preside at all meetings of the Board. In his absence one of the Vice-Chairmen shall preside and in the absence of both of them, the member present shall elect one from amongst themselves as a Chairman for the meeting.
(ii) Meetings of the Board of Directors shall be held when necessary but at least once in a quarter and may be convened at any time and at any place by the Chief Executive at the instance of the Chairman and not more than two persons shall be invited in the Board Meetings as ‘Special Invitee’.
(iii) The views of the Board of Directors may also be obtained by circulation. In case of any dissent, the matter shall be placed before the next meeting of the Board for decision.
(iv) One-third of the number of members of the Board of Directors or if their number is not three or multiple of three, then the number nearest to one third, shall form the quorum.
(v) Each member of the Board shall have one vote. The Chairman of the meeting shall have a casting vote in addition to his own vote in the event of equality of votes.
(vi) The term of the Board of Directors shall be five years from the date of elections. Provided that elected members shall continue to hold office till their successors are elected or
nominated under the provisions of the Act, the Rules and the Bye-laws and assume charge of their office.
(vii) In case of nominees of Government of India, their membership in the Board will continue as long as they are not withdrawn by the Government.
(b) All business discussed or decided at a meeting of Board of Directors shall be recorded in a Minutes Book, which shall be signed by the Chairman of the meeting and the Chief Executive. Copies of the Minutes shall be supplied to all members of the Board within 15 days of the meeting.
Powers and Duties of the Board
22. The Board shall have the following powers and duties:
(i) To exercise all such powers and enter into all such agreements, make all such arrangements, take all such proceedings and do all such acts and things as may be necessary or proper in furtherance of the objects of NCHF.
(ii) To place the Annual Report, Annual Financial Statements, Annual Plan and Budget for the approval of General Body and to consider audit and compliance Report and place the same before the General Body.
(iii) To admit members and issue new shares and transfer old shares.
(iv) To authorize the summoning of the General Body meeting in accordance with these bye-laws.
(v) To consider and express opinions on problems of common interest concerning members.
(vi) To appoint Chief Executive of NCHF subject to the provisions of the Act, Rules and Service Rules of NCHF.
(vii) To constitute an Executive Committee, Technical Advisory Committee and other Committees or Sub- Committees from among its own members and delegate to them specific duties as may be considered necessary. Number of such Committees or sub-committees other than the Executive Committee shall not exceed three.
(viii) To fix the scale of salaries to be paid to Chief Executive and other employees of NCHF.
(ix) To purchase, sell, hire or otherwise acquire and dispose off property of and for NCHF.
(x) To arrange for the internal checking of the accounts of NCHF.
(xi) To accept or reject the resignation from a member.
(xii) To accept or reject the resignation from the members of the Board of Directors and in case of acceptance, vacancy shall be filled-up by election for the remaining period.
(xiii) To approve the annual and supplementary budget of NCHF.
(xiv) To frame rules for the election of Directors.
(xv) To decide to affiliate NCHF with any National or International level Cooperative Federations.
(xvi) To raise or borrow such sums of money as may be required by NCHF.
(xvii)To lend monies and make advances to the members.
(xviii)To co-opt member under Bye-law No. 20(4).
(xix) To frame subsidiary rules for the regulation of the business of NCHF.
(xx) To call the meeting of the General Body.
(xxi) To call a Special General Meeting of NCHF within one month.
(a) On receipt of a requisition in writing from the Central Registrar and/or
(b) On the requisition by at least one half of members of NCHF specifying the subjects for discussion.
(xxii) To recommend appointment of Internal Auditor and to fix the remuneration.
(xxiii)To delegate financial powers to the Chairman and the Chief Executive.
(xxiv)To conduct election of the Board of Directors.
Executive Committee
23. (a) The Board of Directors shall constitute an Executive
Committee comprising the following members;
(i) Chairman;
(ii) Five Directors to be elected by the Board of Directors including one representative of the Government of India;
(iii) Chief Executive will be Member Secretary.
(b) Ordinary 15 days notice shall be given for a meeting of Executive Committee.
(c) The quorum for the meeting of Executive Committee shall be three.
(d) Powers and Duties
The Executive Committee shall have the following powers and duties:-
(i) To sanction contingent expenditure up to Rs.
One lakh.
(ii) To invest surplus funds of NCHF in accordance with the Act and Rules on the advice of Board.
(iii) To establish and maintain provident or other funds for the benefit of its employees.
(iv) To appoint trustees, attorneys and agent to defend and institute legal proceedings on behalf of NCHF.
(v) To take action on all administrative matters and also to arrange for the custody of cash.
(vi) To deal with all staff matters, except class III and IV including promotion/disciplinary action, suspension or removal etc. as per rules framed by the Board.
(vii) Any other duty or function entrusted by the
Board.
Technical Advisory Committee
23(A)The Board of Directors shall constitute a Technical Advisory Committee comprising the following members;
(i) Chairman
(ii) Two Directors to be elected by the Board of Directors
(iii) An Architect
(iv) A Civil Engineer.
(v) A Financial Expert preferably a Chartered
Accountant
(vi) A Cooperative and/or a Legal Expert
(vii) Chief Executive will be Member Secretary
Duties/Functions of the Technical Advisory Committee shall be as entrusted by the Board of NCHF.
Powers and Functions of the Chairman
24. The Chairman shall have the following powers and
function:
(i) The Chairman shall be the spokesman of the Policy of NCHF. He shall preside over the meetings of the General Body, Board of Directors, Executive Committee and National Cooperative Housing Conferences/ Seminars/Workshops. In the absence of the Chairman one of the Vice-Chairmen will preside over the meetings of the Board/General Body. In the absence of the Chairman and Vice- Chairmen, members present shall elect a Chairperson for the meeting.
(ii) Notwithstanding anything contained in the Bye-laws it shall be competent for the Chairman to empower the Chief Executive to ascertain the opinion of the Board of Directors or Executive Committee on any matter he might consider urgent or expedient by circulation of paper to members. On receipt of such information, the Chairman may decide the question as per the opinion of the majority of members. The decision taken shall be placed before the next meeting of the Board of Directors for information.
(iii) The Chairman shall sign the Minutes of all the
meetings presided by him.
(iv) In the event of equality of votes on a resolution the Chairman shall have an additional casting vote in the meeting of the General Body.
(v) The Chairman shall be competent to take decisions as are of urgent and emergent nature effecting the policy of NCHF on behalf of the Board, Executive Committee or any other Committees. The matter will be placed before the next meeting concerned for ratification.
Chief Executive
25. (1) (a) The Chief Executive of NCHF shall be appointed by the Board and shall aid and assist the Board of Directors in its functions.
(b) The Chief Executive of NCHF shall exercise
control over the Staff of NCHF.
(2) The Chief Executive shall, subject to the general control of the Board of Directors, Executive Committee and the Chairman have the following powers and duties:
(i) To ensure the maintenance of the prescribed papers and registers correct and up to-date.
(ii) To ensure the preparation of Receipt Vouchers, and other documents required by the notified Rules and Bye-laws or by the Board.
(iii) To sign and enter into agreements on behalf
of NCHF and conduct its correspondence.
(iv) To convene and attend General Body and Special General body meetings and meetings of the Board of Directors.
(v) To record Minutes of the General and Special General Body Meetings and the Board of Directors meetings and have them duly signed.
(vi) To prepare the annual statements and submit
them.
(vii) To be the officer of NCHF to sue or be sued
on behalf of NCHF.
(viii) To execute all decisions of the Executive Committee, Board of Directors and General Body Meetings.
(ix) To appoint Class III and Class IV Staff.
(x) To present the draft Annual Report and financial statements for the approval of the Board within 30 days of the closure of the Financial Year.
(3) The Chief Executive shall be a member of the Board and of the Executive Committee and other Committees or Sub-Committees as constituted under these bye-laws.
Disposal of Net Profit
26. Subject to the provision of the Act and Rules, the net profit of NCHF shall be distributed by the General Body in the following manner :
(i) Not less than 25% of the net profit shall be carried
to the Reserve Fund.
(ii) One per cent of the net profit shall be contributed to the Cooperative Education Fund maintained by the National Cooperative Union of India.
(iii) Not less than 10% of the net-profit shall be carried to the Reserve Fund for meeting unforeseen losses.
(iv) 10% of the net profit shall be carried to the Education, Training and Information Fund maintained by NCHF for conducting Technical Training and other programmes
(v) The balance of net profit may be utilized for the
following purposes:- (a) Distribution of dividend amongst members at a rate not exceeding 10% per annum on the value of shares actually paid up.
(b) Contribution to Building Fund and
Development or any other fund of NCHF.
(c) Distribution of Ex-gratia to employees of NCHF.
(vi) The undistributed profit shall be added to the
Reserve Fund of NCHF.
Contributory Provident Fund
27. The NCHF shall establish a Contributory Provident Fund
(CPF) for the benefit of its employees:
(i) The CPF shall vest and be administered by the Chairman, Chief Executive and one representative of the Staff.
(ii) (a) The amount of subscription shall be fixed by the subscriber himself, but shall not be less than 10% of his ‘Pay’ and shall not be more than 25% of the total emoluments. Provided that amount of contribution that can be deducted from the `Pay’ of an employee shall not be less than the ceiling as provided in the EPF&MP Act, 1952.
(b) Contribution of NCHF to the CPF of subscriber shall not be less than 10% of his ‘Pay’ or a higher amount as may be approved by the Board subject to the maximum ceiling as provided in the EPF&MP Act, 1952.
(iii) Every subscriber at the time of joining CPF shall make a nomination conferring the one or more persons to receive the amount that shall stand to his credit.
(iv) A temporary advance may be granted to a
subscriber to meet expenses in connection with–
(a) To pay expenses in connection with the illness
of self and/or a member of his family.
(b) To pay for pursuing academic, technical or specialised course in India beyond High School stage or for higher education including cost of passages to a place out of India of a member of his family.
(c) Obligatory expenses for marriage and other
ceremonies of his family.
(d) To meet expenditure for purchase of land for residential purpose or for purchase/ construction or renovation of dwelling house.
(v) The amount of advances as specified in clause (iv) (a) and (b) shall not exceed six months’ pay or 50% of the amount at the credit of subscriber whichever is less.
Provided that the advance as specified in clause (iv) (c) and (d) shall not exceed twenty months’ pay or the total amount of his own contribution whichever is less.
(vi) Advances shall be recovered in such a number of equal monthly instalments as the sanctioning authority may direct but such number of instalments shall not be more than 24 in case of clause- (iv)(a)and (b) and not more than 50 instalments in case of Clause (iv)(c) and (d).
(vii) Recovery of the advance shall commence on the first occasion (after the advance is made) on which the subscriber draws the emoluments.
(viii) Second advance shall be permitted after a gap of six months from the recovery of final instalment of previous advance.
(ix) Each subscriber shall be paid the full amount of the Fund standing at his credit on his normal retirement from service after attaining the age of superannuation or after resignation from the service of NCHF on completion of 10 years’ of continued service in NCHF.
Provided that an employee may apply for final withdrawal up to 50% of the amount standing at his credit after completion of 20 years’ continuous service in NCHF, and the Board of trustee may grant such final withdrawal on the merit of each case.
(x) The Chairman and Chief Executive will operate the CPF account jointly. The sanctioning authority for grants of loans and fixing repayment etc. will vest with the Chief Executive.
(xi) The withdrawal of temporary advance will be permitted only after the submission of evidence of expenditure to be incurred by the subscriber against the advance.
Amendment of Bye-Laws
28. The amendments of the Bye-laws of NCHF shall be deemed to have been duly passed if a resolution in that behalf is passed at a meeting of its general body held for that purpose by not less than 2/3rd of members present and voting provided 15 clear days notice of the proposed amendments has been given to members. Such amendments shall be forwarded to the Central Registrar for registration within a period of 60 days from the date of the meeting at which the resolution was passed.
Audit
29. (a) The Board of Directors shall arrange for proper internal audit and supervision either through its own employees or through the firm of Chartered Accountants to be appointed for the purpose.
(b) The General Body of NCHF in its Annual Meeting shall appoint Auditor or Auditors to conduct statutory audit of the accounts of the next year. Such Auditor or Auditors could be appointed from the panel of Auditors approved by the Central Registrar or from the panel of Auditors approved by the Board of NCHF. The remuneration of the Auditors shall be fixed by the General Body or Central Registrar as the case may be.
(c) No person shall be qualified for appointment as an Auditor or Auditors unless he is a Chartered Accountant within the meaning of Chartered Accountants Act, 1949.
(d) Disqualification of Auditors, powers & duties shall
be as provided under the Act & Rules.
General
30. (a) All matters not specifically provided for are to be decided in accordance with the Act and Rules notified there under.
(b) In the event of conflict between the Bye-laws of NCHF and affiliated institutions, the Bye-laws of NCHF shall prevail.
(c) No act of General Body or the Board of Directors or Executive Committee shall be deemed invalid by reasons of the defect in the election of members thereof or by reason of any vacancy therein not having been filled in accordance with these Bye- laws.
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