Corporate Membership:
- A firm, company or any other body corporate can become the members of the society. However, as per the Government Resolution, more than 50% of total membership cannot be given to the firms and the company.
- It is binding to make provision in the constitution/rules of the firm or company to make provision for making available of residential places for their employee/officers.
- The firm or the company should not carry out the business which is against the objects of the society.
- The firm or the company should have objective of providing houses to its employees in its memorandum of association or articles association.
- There should be a provision in the Memorandum and Article of association of the company that they can invest their funds for purchase of the flats/ shops.
It is compulsory for firm or the company to take the membership of the society. The management of the society or committee shall consist of not more than one fourth members of the firms and companies and the remaining shall be from the individual members and such provision shall be made in the bye-laws of the society.
According to the constitution of firm or company, the firm or company with provision of making available of residential place to its employee/officers, such company or firm should have to give guarantee letter to the society regarding giving details of the changes that took place time to time in the name of the concerned employee/officer and giving monthly contribution of the society. Similarly should nominate those who are going to take part in the working of the society behalf the concerned employee/officer.