Utilization of the Funds by the Society
The Society may utilize its Funds in the manner indicated below:
- Reserve Fund: The Reserve Fund of the Society may be utilised for the expenditure on repairs, maintenance and renewals of the Society’s property.
- Repairs and Maintenance Fund: The Repairs and Maintenance Fund may be utilised for meeting the expenditure on maintenance of the Society’s property and repairs and renewals thereof.
- Sinking Fund: On the resolution passed at the meeting of the general. Body of the Society, the Sinking Fund may be used by the Society for reconstruction of its building/buildings or for carrying out such structural additions or alteration to the building/buildings, as in the opinion of the Society’s Architect, would be necessary to strengthen it / them or for carrying out such heavy repairs as maybe certified by the Architect and on approval of General Body.
- The Education & Training Fund be utilized as provided under section 24(A) of the Act
Utilization of all the Funds shall be with the specific prior approval of Society’s General Body.
