Housing societies affairs : Reforms introduced to ensure transparency
Managements will now have to submit their quarterly statement of accounts to Circle Registrar, ICT.
PHOTO: OLY.COM.PK
ISLAMABAD:
To deal with the issue of increasing violations in affairs of the cooperative housing societies in the federal capital, the Islamabad Capital Territory (ICT) Administration has introduced a set of reforms aimed to ensure transparency.
Chief Commissioner Islamabad, who is also Secretary of the Cooperative Societies, Islamabad, has approved the reforms. A circular to this effect has also been released under the Cooperative Societies Act 1925, which empowers the Registrar to take necessary measures for the protection and preservation of deposits of members and other assets and property of societies.
According to the new parameters, all the cooperative societies within ICT limits have been directed that managements of societies would now be required by law to submit their quarterly statement of accounts, return and related documents to the Circle Registrar, ICT.
Each cooperative society would submit annual details of allotment, creation, subdivision of plots and apartments.
Now onwards every society would be liable to limit its membership to the actual number of plots and shall not admit persons for membership exceeding beyond 200 per cent of plots/apartments/dwelling unit, as the case may be, available for allotment.
The managements of societies would ensure timely completion of their ongoing project and no society shall launch new project or scheme without completing at least 70 per cent of the development work on its previously announced projects.
While there will be a ban on transfer or utility of funds of one head of account to any other head.
No cooperative society shall issue any allotment letters to its members without taking over the possession of the same land and shall hand over the possession of such plot to the person allotted within three months of the issuance of the allotment letter.
Societies would be bound to establish a contributory provident fund for the benefit of its employees, while they will also provide gratuity to its employees on such terms and conditions as prescribed by the federal government from time to time.
The cooperative societies registered outside Islamabad Capital Territory shall submit information about its bye-laws to the Circle Registrar, ICT, where it was registered, within three months.
Copies of approved lay out plans, audit reports, minutes of board of governors meeting will also be published by the societies on their official website for consumption of general public.
Every society shall take effective measures to improve quality of housing, affordable housing, green house projects for efficient use of energy, water and building materials. Strict action shall be taken against those cooperative societies found violating these directions. The punishment for violation of these provisions of law prescribed from six months up to three years maximum.
“The special measures would ensure better regulation, management and functional autonomy of cooperative societies,” the ICT spokesperson said.
Published in The Express Tribune, March 21st, 2016.
To deal with the issue of increasing violations in affairs of the cooperative housing societies in the federal capital, the Islamabad Capital Territory (ICT) Administration has introduced a set of reforms aimed to ensure transparency.
Chief Commissioner Islamabad, who is also Secretary of the Cooperative Societies, Islamabad, has approved the reforms. A circular to this effect has also been released under the Cooperative Societies Act 1925, which empowers the Registrar to take necessary measures for the protection and preservation of deposits of members and other assets and property of societies.
According to the new parameters, all the cooperative societies within ICT limits have been directed that managements of societies would now be required by law to submit their quarterly statement of accounts, return and related documents to the Circle Registrar, ICT.
Each cooperative society would submit annual details of allotment, creation, subdivision of plots and apartments.
Now onwards every society would be liable to limit its membership to the actual number of plots and shall not admit persons for membership exceeding beyond 200 per cent of plots/apartments/dwelling unit, as the case may be, available for allotment.
The managements of societies would ensure timely completion of their ongoing project and no society shall launch new project or scheme without completing at least 70 per cent of the development work on its previously announced projects.
While there will be a ban on transfer or utility of funds of one head of account to any other head.
No cooperative society shall issue any allotment letters to its members without taking over the possession of the same land and shall hand over the possession of such plot to the person allotted within three months of the issuance of the allotment letter.
Societies would be bound to establish a contributory provident fund for the benefit of its employees, while they will also provide gratuity to its employees on such terms and conditions as prescribed by the federal government from time to time.
The cooperative societies registered outside Islamabad Capital Territory shall submit information about its bye-laws to the Circle Registrar, ICT, where it was registered, within three months.
Copies of approved lay out plans, audit reports, minutes of board of governors meeting will also be published by the societies on their official website for consumption of general public.
Every society shall take effective measures to improve quality of housing, affordable housing, green house projects for efficient use of energy, water and building materials. Strict action shall be taken against those cooperative societies found violating these directions. The punishment for violation of these provisions of law prescribed from six months up to three years maximum.
“The special measures would ensure better regulation, management and functional autonomy of cooperative societies,” the ICT spokesperson said.
Published in The Express Tribune, March 21st, 2016.