Can Society pay bank interest to its members?
Co. Op.Housing Society created a fund for a specific job by contributing certain amount by installment for a period of 6 months with the approval of AGM. Only fifty percent members contributed. There was no progress in work for which this fund was created. The members who paid requested refund because there was no progress and also other fifty percent members were not paying. Their requested was accepted and money paid by them was refunded with the approval of AGM ,without deduction of expenses incurred towards incidental charges towards Architect changes, legal fee etc. After getting money back members now requested for refund of bank interest.
Can society pay interest under such circumstances , what are the provisions under Bye-laws ?
Related to housing society bye-laws